MBEL plans to list subsidy in Singapore
By IANSSaturday, January 30, 2010
KOLKATA - Engineering firm McNally Bharat Engineering Ltd (MBEL) plans to get its wholly-owned overseas subsidiary MBE Holdings Pte Ltd listed in Singapore.
The subsidiary is being used by the company for overseas acquisitions and it has already acquired coal and mineral engineering business of KHD Humboldt Wedag of Germany and EWB International of Hungary.
“We plan to list the Singapore subsidiary MBE Holdings in the Singapore market in future. But the timing is yet to be decided,” MBEL chairman Deepak Khaitan told mediapersons here Saturday.
Humboldt executes contracts in coal and mineral engineering projects, including washeries and iron-ore beneficiation plants and has a global order book of Rs 400 crore.
“Out of that, we have a Rs.200 crore order from India itself,” he said.
MBEL managing director Srinivash Singh said to propel growth, the company was laying emphasis on water, infrastructure and mineral handling equipment.
In engineering, the company has inked an exclusive technical partnership agreement with Hiflux in Singapore for constructing seawater desalination and waste water plants in industrial, municipal and agricultural sectors in the country.
MBEL and its subsidiaries have a total order book of around Rs.4,200 crore.
The company has already appointed KPMG and Price waterhouse Coopers to draw its growth roadmap and manpower strategy respectively.
