Bharat Earth Movers is now BEML

Bangalore-based defence PSU, Bharat Earth Movers Ltd has changed its name to BEML Ltd. The company had decided to change the name early this year after its diversification to other related areas like coal mining sectors. It formed a JV with a Hyderabad-based firm Midwest and Indonesa-based Sumber Mitra Jaya. The company has also forayed into overseas markets like Brazil.

BEML has set a sales target of Rs 3,200 crore for the financial year 2007-08, a growth of 23% over the last fiscal. For the full fiscal year ending March 2007, BEML reported 10% rise in its net profit at Rs 206 crore as against Rs 187 crore posted in 2005-06.