BEML chairman and managing director K Aprameyan told The Financial Express that once the study was approved, BEML would apply to the Reserve Bank of India for necessary clearances. The authorised capital and size of the company would be subsequently decided. He said the company would be ready to take off by the end of the current financial year.

BEML already has a substantial presence in the overseas market through its technical and financial tie-ups with several companies and in a bid to make further inroads into the overseas markets BEML UK is set up, he said.

The company is floated to manufacture dump trucks of 40 tonne capacity. While KPMG Peat Marwick is finalising the moralities for the project, the site hasbeen finalised at Trent some 120 km from London.

BEML is already supplying these trucks in UK through a tied-up with Heathfield Halmatic of UK. A prototype of the 60 tonne capacity truck is also being revised according the European specifications.

BEML recently finalised the unaudited results for the financial year ended March 31, 1998. company registered a decline in net profits from Rs 18.16 crore in 1996-97 to Rs 10 crore furing According to Aprameyan, this was on account of a sluggishness in the infrastructure sector. Moreover, the company is expanding its operations in different sectors which is being revealed in an increased turnover but lower profits. company also plans to announce a dividend of 15 per cent once the results are ratified at the AGM. Net sales increased to Rs 1268.53 crore from the previous year's figure of Rs 1169.79 crore. Total expenditure increased to Rs 1145.55 crore from Rs 1025.54 crore.

With the help Rs 14 crore allotted to the company through the National Renewal Fund,BEML has managed to reduce its workforce from 17,500 in 1991 to 15,500. Apart from the voluntary retirement scheme, the company has also frozen new recruitments.