Bharat Earth Movers Ltd (BEML), a premier public sector company under the ministry of defence, has declared a dividend of 120 per cent for the second consecutive year. The company's CMD VRS Natarajan presented a cheque of Rs27 crore to defence minister AK Antony in New Delhi today towards dividend for the financial year 2008-09.
The government has an equity stake of 54.03 per cent in the company. Last year also BEML paid an equal amount of dividend.
BEML is set to reach sales target of Rs3,500 crore for the current financial year and its pending order position is expected to cross Rs6,000 crore by March 2010. These have to be executed during 2010-11 and beyond.
A BEML-led consortium recently bagged a tender for supply of 164 rolling stock / standard gauge metro cars to the Chennai metro from among seven contenders. The Bangalore-based mini- Ratna Category - I status company earlier this month won the defence minister's award for excellence for best performance in export for the year 2007-08, among all defence PSUs.
BEML is engaged in the manufacture and supply of defence products, heavy earth moving equipment for the mining and construction sector and rail and metro coaches.