India's Defence Secretary Giridhar Aramane on Wednesday (January 3) said the Indian government is not inclined to hastily pursue the divestment process of Bharat Earth Movers Ltd (BEML), but rather wait for the most opportune moment.
In an exclusive interview with CNBC-TV18, Aramane acknowledged BEML's current pivotal tasks and expressed confidence that the completion of these endeavours would propel the company's share price to new heights.
Aramane said, "We will wait for an opportune moment, right now BEML has got a major task on their hand. Once they are completed, they will reach a level where their share price will reach new heights."
He stressed the government's commitment to not hastily parting with its assets for short-term gains, stating, "We don't want to short-change our family silver for immediate gains."
While the defence secretary did not commit to a specific timeline, he revealed ongoing discussions with the Department of Public Asset Management.
Aramane assured that the decision would be a result of careful consideration, aligning with the broader economic strategy. He stated, "We are in discussion with the Department of Public Asset Management, and we will arrive at an opportune moment for undertaking this particular task."
On the subject of a timeline, Aramane remained cautious, indicating that a commitment would only be made following discussions with the Union Finance Minister Nirmala Sitharaman.
(Edited by : Shoma Bhattacharjee)
First Published: Jan 3, 2024 8:26 PM IST
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