BEML Signed MoU with IRCON International Limited

BEML Limited, a schedule A company under Ministry of Defence, and a leading Rail & Metro manufacturer, signed a Memorandum of Understanding (MoU) with M/s IRCON International Limited to explore and address opportunities in the overseas market by synergizing each other’s strengths for large infrastructure projects in the transportation sector.

At a function held in New Delhi on 27th December 2019 MoU copies were exchanged in the presence of Dr. D K Hota, CMD, BEML and Mr. S K Chaudhary, CMD, IRCON International Limited.

This MoU is aimed at promoting supply of BEML manufactured rolling stock as well as construction equipment for Railway projects outside India wherein IRCON will carry out civil and construction work as well as facilitate design validation and provenness for rolling stock of BEML to address export opportunities together.

Speaking on the occasion, Dr. D K Hota, CMD, BEML, said, “both the companies by synergizing their strengths can attain new heights in the International Market. Govt of India LoC is huge opportunity for BEML & IRCON to work together”. CMD BEML also mentioned that the true vision of Hon’ble Prime Minister’s “Make in India” is epitomized by BEML’s strong manufacturing and R&D capabilities.

Mr. S K Chaudhary, CMD, IRCON, said, “IRCON has a strong International presence and have proven capabilities in the field of track laying, construction, electrification of railway and infrastructure construction projects and are presently operating in Algeria, Myanmar, Bangladesh, Nepal and Sri Lanka”. He appreciated BEML’s capabilities and international presence expressed that this MOU may turn a significant leaf in the journey of both these great organizations for projects outside India.

This is a step towards further thrust on globalization by joining the complementary strengths of two large CPSEs.

Shares of BEML LTD. was last trading in BSE at Rs.973 as compared to the previous close of Rs. 969.45. The total number of shares traded during the day was 65563 in over 870 trades.

The stock hit an intraday high of Rs. 984.2 and intraday low of 970. The net turnover during the day was Rs. 64119633.

Shares of IRCON International Ltd was last trading in BSE at Rs.403.25 as compared to the previous close of Rs. 402.1. The total number of shares traded during the day was 3517 in over 307 trades.

The stock hit an intraday high of Rs. 407 and intraday low of 401. The net turnover during the day was Rs. 1419698.

Source: Equity Bulls

Image Courtesy: Business Standard