BEML floats JV for contract mining

Bharat Earth Movers (BEML) has entered into a three-way JV for diversifying into the area of contract mining.

V S Natarajan, CMD of BEML, said the company would hold 45% in the JV while the two partners, one Indian and the other Indonesian, would hold the remaining 55% stake.

He added that the JV company was in the process of being formed, and was awaiting approval of the government. The government currently holds 61% stake in BEML.

Natarajan said that since the government was allotting coal blocks to private parties for enhancing coal production to meet future energy demands, the company was eyeing a huge business opportunity in the sector.