BEML incorporated in 11th May 1964, with the help of the Soviet Union. It was wholly owned and operated by India's Ministry of Defence until 1992, when the government divested 25% of its holdings in the company. BEML is Asia's second-largest manufacturer of earth moving equipment, ? and it controls 70% of India's market in that sector. Its stock trades on the National Stock Exchange of India under the symbol "BEML", and on the Bombay Stock Exchange under the code "500048". The company went for Follow-on Public offer and fixed the price band for its FPO between ?1,020 and ?1,090. The Government of India had given 'in-principle' approval for strategic disinvestment of BEML Ltd. to the extent of 26% out of the Government shareholding of 54.03% with transfer of management control to strategic buyer.
