JOIN USChief Minister Siddaramaiah has written to Prime Minister Narendra Modi to review the Centre’s decision to disinvest Bharat Earth Movers Ltd BEML) and retain it as a Central Public Sector Enterprise (CPSE).
In the letter, copies of which were released to the press on Thursday, Siddaramaiah pointed out that the ministry of defence has approved strategic disinvestment of BEML Ltd to the extent of 26% of government share holding with transfer of management control to the strategic buyer.
“You would appreciate that disinvestment of strategic and profit-making CPSEs only leads to private sector investors reaping windfall benefits and profit at the cost of public and is likely to undermine the security of the country,” the letter states.
Siddaramaiah has stated that retaining BEML in the public sector overweighs the benefit accrued from its sale and has urged the prime minister to review the decision to disinvest.