New Delhi: BEML Limited, a schedule A company under Ministry of Defence, and a leading Rail & Metro manufacturer, has signed a Memorandum of Understanding (MoU) with IRCON International Limited, a Miniratna PSU under the Ministry of Railways, to explore and address opportunities in the overseas market by synergizing each other's strengths for large infrastructure projects in the transportation sector.
At a function held in New Delhi on December 27, MoU copies were exchanged in the presence of BEML Limited's CMD Dr D K Hota and IRCON International Limited's CMD SK Chaudhary.
This MoU is aimed at promoting the supply of BEML manufactured rolling stock as well as construction equipment for Railway projects outside India wherein IRCON will carry out civil and construction work as well as facilitate design validation and provenness for rolling stock of BEML to address export opportunities together.
Speaking on the occasion, Dr DK Hota said, "both the companies by synergizing their strengths can attain new heights in the International Market. Govt of India LoC is a huge opportunity for BEML & IRCON to work together." He also mentioned that the true vision of Prime Minister's "Make in India" is epitomized by BEML's strong manufacturing and R&D capabilities.
ICRON's CMD SK Chaudhary said, "IRCON has a strong international presence and has proven capabilities in the field of track laying, construction, electrification of railway and infrastructure construction projects and are presently operating in Algeria, Myanmar, Bangladesh, Nepal and Sri Lanka". He appreciated BEML's capabilities and international presence expressed that this MOU may turn a significant leaf in the journey of both these great organizations for projects outside India.
This is a step towards further thrust on globalization by joining the complementary strengths of two large Central Public Sector Enterprises (CPSEs).
Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk. Our editorial team has only changed the headline.