Bharat Earth Movers is set to witness a re-rating driven by the huge potential in the metro rail projects planned across the country.
The defence minister, without naming anyone, said some people are not liking the rapid development of India and are unable to digest it.
A money laundering case has been registered against Vectra chief Ravinder Rishi and his firms by the Enforcement Directorate to probe alleged generation of illegal funds in the defence deal between Tatra Sipox United Kingdom and defence public sector undertaking Bharat Earth Movers Limited.
The defence ministry on Wednesday sought an explanation from BEML chief V R S Natarajan for serving a legal notice on former Army Chief Gen V K Singh demanding an apology for his alleged defamatory statements against the defence PSU on the Tatra truck issue.
Notwithstanding controversy, Tatra trucks produced by the state-owned Bharat Earth Movers Limited are taking part in the summer trials conducted by the army for procuring heavy trucks to ferry missile and artillery systems.
The Central bureau of Investigation on Tuesday questioned Vectra chairman Ravinder Rishi for the fourth time in connection with alleged irregularities in the Tatra truck supply to the Army.
The Central Bureau of Investigation has called NRI businessman Ravi Rishi, owner of the United Kingdom-based Vectra Group, for questioning in connection with alleged irregularities in the supply of all-terrain Tatra trucks through state-owned Bharat Earth Movers Limited to the army.
The Central Bureau of Investigation is inquiring into the irregularity, if any, in the purchase of the all-terrain Tatra vehicles by the Indian Army from the Bharat Earth Movers Limited.
The government-run Bharat Earth Movers Limited continues to do business with the United Kingdom-based Tatra Sipox, in spite of the latter facing a criminal case filed by the Central Bureau of Investigation. The PSU sought a fresh lot of Tatra trucks, priced at Rs 59.6 lakh each, in July -- two months after the CBI filed its case against the company.
Former army chief General V K Singh had some time back claimed that he had scuttled a Bharat Earth Movers Limited bid to sell overpriced Tatra vehicles to the Indian Army. But in February 2012, the army quietly signed a contract with BEML for an even larger and more controversial purchase: a $275-million (about Rs 1,500 crore) contract for 204 armoured recovery vehicles.
Bharat Earth Movers Limited Chairman and Managing Director V R S Natarajan on Tuesday appeared before the CBI as the agency had asked him to come for giving clarifications pertaining to procurement and supply of Tatra all-terrain trucks to the Indian Army.
The Enhanced Pinaka has demonstrated a range of 75 km and an ability to strike within 10 metres of where it is aimed. This allows a Pinaka battery to destroy a terrorist camp, or an enemy post, logistics dump or headquarters, without sending soldiers across the border.
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
A total of 20 such train sets of Hyundai Rotem will be manufactured in South Korea's Changwan.
As many as 20 central public sector enterprises and their units are at various stages of strategic disinvestment, while six are being considered for closure or are under litigation, Minister of State for Finance Anurag Singh Thakur said on Monday.
'Focus on 19,400/64,900 as the key resistance levels for the Nifty/Sensex.'
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
There is money to buy the central public sector enterprises, but buyers will need a firm assurance that the disvestment programme will keep environment issues front and centre of their corporate plans.
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