KPMG to script McNally Bharat recast

McNally Bharat Engineering Ltd, part of the B M Khaitan group, which is undergoing restructuring of its business, has appointed consultants KPMG to chart the roadmap for the company and its diverse businesses.

To bring resource consolidation and synergy, company  has regrouped its project business under four strategic groups — material handling and non ferrous metal, steel mines and port solutions, power and infrastructure.

McNally Bharat Infrastructure, from now on will be the new subsidiary which will deal with all civil construction work.
Deepak Khaitan, chairman, McNally Bharat Engineering, said, “From a turnover of Rs 200 crore in 2004, we expect a turnover of Rs 2,000 crore by the close of this fiscal. By March 2011, we would grow to Rs 4,000 crore. KPMG is working on a roadmap and a white paper will be given in the next 3-4 months.”

McNally Bharat has deputed PwC to work out a HR restructuring roadmap which is slated to be submitted shortly. Managing director Srinivash Singh said the company plans to list its Singapore subsidiary.

“It is difficult to say when, however. But all overseas acquisitions would be done through this subsidiary.”