BEML diversifies into lubrication oil sector

Bharat Earth Movers (BEML), a 'Mini Ratna' company under the Defence Ministry, today announced diversification into the lubrication oil segment for engines and hydraulic and transmission systems of mining and construction equipment.

BEML chairman and managing director V R S Natarajan said the company had entered into an agreement with Mumbai-based Nandan Petroleum for marketing of the lubrication oil as 'BEML Oil.'

Natarajan said the size of the lubrication oil market was around Rs 6,000 crore and BEML expected to earn a revenue of Rs 100 crore in the first three years.

BEML, a leader in construction and mining equipment sector, plans to raise Rs 450 crore from a follow-on public issue opening on June 27.