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| Edited By: Nandini Goswami |Source: DNA |Updated: Mar 29, 2018, 06:59 AM IST
McNally Bharat Engineering Co, one of the leading engineering players in the country which has made a number of acquisitions in recent times, has decided to consolidate its Indian and global operations. The company aims to achieve a sales turnover of Rs 5,000-7,000 crore by 2015 from Rs 1,139 crore in the last fiscal.
Srinivash Singh, managing director, McNally Bharat, said at the company’s annual general meeting here on Monday, “We have invited expression of interest from Ernst & Young, KPMG, Accenture and McKinsey. We will choose the consultant by early December who will study our expansion plans and suggest us on the right way of consolidation.”
Singh said the company has an order-book of Rs 3,000 crore and expects a turnover of Rs 1,750-1,800 crore for the group by the end of 2009-10. “With the expected growth, the company has already put a plan in operation to enhance its research & development activities besides placing in position highly skilled manpower,” he said.
The engineering and capital goods maker has recently gone for a spate of acquisitions such as Sayaji Iron & Engineering within the country. Overseas, McNally Bharat recently acquired the coal and mineral technology division of KHD Humboldt Wedag, Germany, through its subsidiary company, MBE Holdings Pte Ltd, Singapore.
With this acquisition McNally Bharat is poised to become one of the world leaders for coal crushing & mineral processing technology and will also have a footprint globally through the existing operations of coal & mineral technology business of the acquired company.
The factory at Cologne has the capacity to manufacture European-standard high-precision equipment for cement, steel and non-ferrous metal projects. The factory would be adding value in terms of capability to provide products of international standard, Singh said. The board of directors recommended a dividend of 12.5% for the year 2008-09. The company has enlarged its production base in all its four manufacturing units.
