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McNally to list overseas arm

Calcutta, Jan. 30: McNally Bharat Engineering Ltd is planning to list its wholly owned overseas subsidiary — MBE Holding Pte Ltd — in Singapore.

“We have plans to list MBE Holding on the Singapore stock exchange. But we have not yet decided when it would be done,” McNally Bharat chairman Deepak Khaitan said here today.

The subsidiary will look after all overseas acquisitions. So far, the subsidiary has acquired two companies — EWB International and the coal and mineral engineering business of Germany’s Humboldt.

Humboldt undertakes contracts in coal and mineral engineering projects such as washeries and iron-ore beneficiaries. At present, MBE Holding has a global order book worth Rs 400 crore.

The company has also created a subsidiary — McNally Bharat Infrastructure Ltd — for core sector projects. The subsidiary will acquire a 100 per cent stake in Bangalore-based Buildmet for Rs 37 crore.

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