BEML Limited, second largest maker of earth moving equipment in Asia, announced that it has established an assembly division, BEML Brasil Industrial Ltda, at Rio de Janeiro in Brazil.

Shri Pradeep Kumar, Secretary (Defence Production), Govt of India inaugurated the BEML BRASIL INDUSTRIAL LTDA in the company of His Excellency Shri BS Prakash, Ambassador of India to Brazil and Shri V RS Natarajan, Chairman and Managing Director, BEML LTD.

In a declaration, BEML said that the new unit has been set up for assembling its products relating to mining and construction, rail and metro, and defence sections to cater to its prospective clients in and around Brazil.

The company also said that it would strengthen its sales progressively with competent after-sales-service support in all the regions of Brazil and other Latin American nations, which include Suriname, Argentina, Chile, Peru and Bolivia, among others.

Moreover, BEML also eyes to foray into other business regions including contract mining, since the LatAm nations form the world’s largest mining bowl.

The company said that it aims to reach business revenue of at least US$ 10 Million by the next three years, and from its Assembly establishment in Brazil, in a year.

During the last month (March 2009), BEML entered into a MoU with NFM Technologies (NFM), France, to make Tunnel Boring Machines (TBMs) in the Indian market.

Shares of the company, on Friday (April 17), closed at Rs 471.95, up 1.5%, on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 51.38 and 9.18 respectively. The share price has seen a 52-week high of Rs 1180 and a low of Rs 280 on BSE.