Big plans

Calcutta, Nov. 23: City-based McNally Bharat Engineering Company today said it planned to list on the global stock exchanges after it consolidated its operations at home and abroad.

“We have acquired a few firms and some specific operations of a few companies worldwide. Now, we are planning to ‘consolidate or separate’ global and Indian subsidiaries by September 2010. Once the process is over, we may look at listings on the global bourses,” McNally Bharat managing director Srinivash Singh said here today. However, he declined to give details.

McNally has two subsidiaries in Hungary and three in India: McNally Sayaji Engineering, McNally Bharat Equipment, and McNally Bharat Infrastructure. It also has a unit in Singapore.

McNally has appointed PricewaterhouseCoopers (PwC) for the organisational restructuring. PwC will come out with a report in the next six months.

The company has also invited bids from leading consultancy firms such as KPMG, McKinsey, Accenture and Ernst & Young to plan its capital restructuring. It is expected to finalise the consultant soon.

“The restructuring might include everything from foreign listing to separate subsidiaries in manufacturing and design. We intend to leverage the global presence of the German firm and increase our turnover to Rs 5,000-7,000 crore by 2015,” Singh said.

Recently, McNally had acquired German firm KHD Humboldt Wedag International GMBH with annual revenues of $50 million. KHD has operations in South America, the US, Australia, China, Indonesia, Mongolia, Vietnam and the Philippines.