BEML Ltd’s shares saw a nearly 3% increase on Thursday after the company announced a new Memorandum of Understanding (MoU) with Malaysia’s SMH Rail Sdn Bhd. The agreement aims to boost collaboration between the two companies across Malaysia, Southeast Asia, and Africa, focusing on the marketing, supply, and servicing of rail and metro products.
“The equipment covered under this MoU will leverage BEML’s inherent strengths in heavy engineering, structural fabrication, hydraulics, diesel engines, manufacturing, testing, and R&D to bolster India’s maritime assets. BEML is committed to providing cost-effective, reliable, and enduring solutions to the Indian Navy, in alignment with the Government of India’s Aatmanirbhar Bharat initiative,” it added.
The MoU also includes a partnership with the Directorate of Marine Engineering, Indian Navy. This collaboration will support the Indigenous Design, Development, Manufacture, Testing, and Product Support of critical Marine Equipment and systems. It aligns with India’s Aatmanirbhar Bharat initiative to enhance self-reliance in defense production and reduce dependence on foreign imports.
“The agreement is important in enhancing bilateral cooperation for the Indigenous Design, Development, Manufacture, Testing, and Product Support of critical Marine Equipment and systems. Aligned with the Government of India’s Aatmanirbhar Bharat initiative, the partnership aims to strengthen self-reliance in defence production and minimize reliance on foreign imports,” said BEML.
As of 9:50 am, BEML shares were trading 2.71% higher at ₹3,948.50.
