BEML Land Assets, Ltd. (BLAL), the subsidiary of Public Sector Undertaking Bharat Earth Movers Ltd., (BEML) on Wednesday got listed on the BSE at ₹290.20 a share but closed with a loss of 5% at ₹275.70.
BHEL has hived off its land holdings and non-core surplus assets into this subsidiary as part of its strategy to unlock value. The subsidiary has 550 acres of land in Bengaluru and Mysore. The company also has 36,592 sq. ft of commercial land which includes freeholds and leaseholds.
Rajeev Vijay, Executive Director, Government and Infrastructure Advisory, Knight Frank India said, “Hiving allows focused effort by the PSU towards value unlocking else it will be mired with strategic and operational issues of core business.”
“Faster and time-bound value unlocking permits the government to reinvest and create more economic value,” he added.
