The government has given in - principle approval for strategic disinvestment of Bharat Earth Movers Ltd to the extent of 26 per cent of government share - holding, Parliament was informed on Friday.
The management control would be transferred to the strategic buyer, Minister of State for Defence Subhash Bhamre said in a written reply in the Lok Sabha.
Bhamre added that transaction advisor, legal advisor and asset valuer had been appointed by the government and the amount to be mobilised through the sale of government equities could be known only after completion of the process.
"After completion of the process, specific approval of the government will be sought again, " he said.