MBEL to list MBE Holding Pte in Singapore

Written by fe Bureau | Kolkata | Updated: Jan 31 2010, 06:56am hrs
McNally Bharat Engineering Ltd (MBEL) has planned to list its wholly owned subsidiary, Singapore-based MBE Holding Pte Ltd at the Singapore stock exchange, although the time for listing is not yet decided.

MBEL chairman Deepak Khaitan said: the companys board has already decided to list its Singapore subsidiary MBE Holding at the Singapore stock market but is yet to decide on the time of listing.

He said the subsidiary, which has so far acquired two companies, would be used as an arm for all overseas acquisitions. So far this subsidiary has acquired Coal & Mineral Engineering Business of Humboldt GmBh and EWB International.

Humboldt undertakes contracts in coal, mineral enginnering projects like washeries and iron-ore beneficiation plants. Humboldt currently has a global order book of Rs 400 crore out of which Rs 200 crore is from India.

Srinivash Singh, managing director, said McNally Bharat Infrastructure Ltd, a subsidiary of MBEL would undertake infrastructure projects including turnkey orders for industrial plants. This subsidiary has firmed up plans to acquire 100% cent stake in Bangalore-based Buildmet Ltd, having expertise in setting up cement plants, for Rs 37 crore.

MBEL along with its subsidiaries has a total order book of around Rs 4200 crore, Singh said. He said that MBEL has already appointed KPMG to draw the growth roadmap and PwC will be working on manpower strategy for the company.

MBEL reported a net profit of Rs 7.39 crore, on a net sale of Rs 333.75 crore in the third quarter to December 31, 2009 against a net profit of Rs 3.79 crore on net sales of Rs 209.23 crore in the year-ago period.