Mumbai: Mini-Ratna Bharat Earth Movers Ltd (BEML) is aiming to become a billion dollar company by 2013-14, doubling its present turnover of over Rs2,600 crore (about $600 million).

"We aim to take the total turnover of our company to Rs3,000 crore in the present fiscal and Rs5,000 crore or $1 billion by 2013-14 from about Rs2,600 crore in 2006-07," BEML director (finance) B L Bajaj said.

The company has charted out an expansion plan for all its three major business divisions - mining and construction, defence equipment and rail coach manufacturing - to achieve the target.

The issue, opening on June 27, would constitute 11.77 per cent of the fully diluted post-issue equity capital of the company. Post-issue, the government''s stake would come down to just above 51 per cent in BEML.

The company also plans to invest Rs9 crore toward development of a research centre for metro coaches and Rs90 crore for a voluntary retirement scheme for employees.

The price band for the issue will be announced a day before the issue opens.