BEML disinvestment: Siddaramaiah requests PM to review decision

Karnataka Chief Minister Siddaramaiah on Thursday urged Prime Minister Narendra Modi to review the decision of disinvestment of Bharat Earth Movers Ltd (BEML).

Siddaramaiah in his letter stated that the decision might "undermine the security of the country."

"As advantages of retaining the CPSE in public sector far outweigh the benefits accruing from its sale, I earnestly request you to kindly review the decision to disinvest and let it continue as a CPSE," read the letter.

BEML is a Mini Navaratna CPSE located in Karnataka with nine manufacturing units across the state. It caters the requirements of defence, railways, and mining industry.

BEML manufactures and supplies high mobility trucks, recovery vehicles, bridge systems, vehicles for missile projects, bull dozers, excavators, dumpers, shovels, loaders and motor, rail coaches, metro cars, ac emus, ohe cars, aluminium wagons and others.

The Centre earlier has approved the disinvestment move to reduce its shareholding from 54.03 percent by 26 percent, effectively reducing its stake in the PSU to 28.03 percent.