BEML Sets Up Subsidiary In Brazil

Chandigarh: Earthmoving equipment maker BEML Ltd has set up a subsidiary in Brazil for sourcing and assembling of mining and construction equipment to cater to the growing Latin American markets. They also have plans to set up an assembly plant there for the purpose. The quantum of investment for the project is still being worked out. BEML, which functions under the Ministry of Defence, also has mulls to set up an office in China to procure mining equipment for the domestic market. BEML, formerly known as Bharat Earth Movers Limited, is eyeing to touch exports worth Rs 300 crore in the next two years.