Bharat Earth Movers (BEML) and Brazil-based Compagnie Comercio E Construcoes (CCC) are setting up a joint venture company for manufacture and supply of rail wagons, mining and construction equipment and spares in Brazil.BEML will hold 60% stake in this venture, for which a memorandum of understanding (MoU) between the two companies was signed in Brasilia recently. According to a BEML statement, it has committed an investment of Rs 100 crore to acquire a factory on the outskirts of Rio-de-Janerio in Brazil. The factory has infrastructure to roll out 500 wagons, 200 earthmoving equipment and spares annually, in the near future. "Given the growing demand in the Brazilian market as well as other South American countries in terms of expansion of mines and offtake of wagons, the joint venture shall help BEML penetrate into new market overseas," the statement said. The step will also help BEML to consolidate its position in the construction, mining machines and railway products in the mineral-rich territory of Brazil.
