Cabinet gives approval for 26% strategic sale in BEML
Sneha Gilada Even as the opposition reprimands the government's disinvestment plans that are likely to jeopardize thousands of jobs, defence equipment manufacturer Bharat Earth Movers (BEML) notified the stock exchanges that the cabinet has given an 'in-principle' approval for the strategic disinvestment of 26% equity shares out of the government’s shareholding of 54.03%. In the centre's bid to offload its poorly performing PSUs to the private sector, BEML is the first major PSU to go through disinvestment via a strategic sale. The sale is expected to deposit over 1000 crores into the exchequer's coffers. Only three such strategic sales have taken place in the last 12 years. This privatisation hopes to bring efficiency, professionalism and improved performance in the functioning of enterprise alongside much-needed revenue. Of the Rs 56,500 crore revenue that the government is targeting in disinvestment proceeds this financial year, Rs 36,000 crore is to come from minority ...
Online retail by foreign brands to hit Indian SMEs, say trade bodies
Deepak Kumar | The Dollar Business As per the revised policy, foreign retailers will be able to undertake single brand retail trading and wholesale activities in Indian market Allowing foreign investment in manufacturing sector will hit small enterprises and lead to job losses, trade bodies have said and suggested that overseas funding must be restricted to technical, defence and sophisticated research work. The government on last Tuesday allowed single-brand retailers to directly enter the online segment, while also creating a platform for “Indian manufacturers” to boost their e-commerce business. The move is considered as limited opening of business-to-consumer (B2C) e-commerce for overseas investors. As per the revised policy, foreign retailers will be able to undertake single brand retail trading and ...
