BEML inks MoU with Brazilian firm

Bharat Earth Movers (BEML) is slated to invest Rs 100 crore  in a joint venture (JV) with Brazilian Commerce and Construction Comany (CCV) later this year.

The JV will be undertaken for production of rail products and earth moving equipments.

A MoU was signed between BEML and CCV, in the presence of Prime Minister Manmohan Singh of India and President Lula Da Silva of Brazil after extensive discussions yesterday.

Under the MoU, BEML will invest 60% and CCV 40% said V RS Natarajan, chairman and managing director BEML.

Apart from production for Brazil, the JV is also expected to supply its products to other Latin American countries.