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2015

        •  July

 

  • July 02, 2015

    The Times of India (Kolkata)

    EMC buys into B M Khaitan co

    EMC Ltd, an engineering firm once with the Congress leader Kamal Nath's family, has acquired 29.64% stake in B M Khaitan Group engineering firm McNally Bharat Engineering MBE) through an investment of Rs 150 crore in fresh equity . B M Khaitan Group in vestment arm Williamson Magor and EMC have also announced an open offer to pick up additional 26% equity stake in the company . EMC is now led by Vinod Dugar of RDB and Manoj Toshniwal. The board of MBE approved the investment on Tuesday. There will be a preferential allotment of new shares of 10 million to EMC at a price of Rs 100 per share here by raising Rs 100 crore.

    Earlier, MKN Investments, a group company of EMC, had made an equity in vestment of Rs 50 crore in March 2015 in the company or 12.5% stake in the company. The combined stake of EMC went up to 29.64% fol owing the current infusion of fresh equity. B M Khaitan group will hold a little over 25% after the current infu sion of equity by EMC.

    Under an investment agreement entered into by the existing promoters, EMC and McNally would be jointly controlled by the existing promoters and EMC, with both parties having equal board representation in McNally and its subsidiaries. EMC has proposed the names of Manoj Toshniwal and Manish Agarwal as its nominees for inclusion in the board of directors of the company . "The shares acquired through open offer will be evenly distributed between two groups," an official added. MBE CFO Probir Ghosh said the company shall use the proceeds of this equity capital raise to meet its working capital need and thus expedite execution of the various projects.

    Aditya Khaitan, the chairman of McNally, said, "The partnership with EMC will strengthen McNally."

    Manoj Toshniwal, MD, EMC, said, "McNally has an established competence and clientele in select areas of EPC business." McNally scrip on Tuesday was up by 20% and closed at Rs 94.90.

 

  • July 02, 2015

    The Economic Times

    EMC Plans Rs. 100-Cr Equity Infusion into McNally Bharat Kolkata: Our Bureau

    Mumbai-based engineering company EMC Ltd has decided to scale up its holding in McNally Bharat Engineering, part of the Khaitans-controlled Williamson Magor Group, by 17.14 percentage points to nearly 30%. The service provider for power transmission and distribution firm intends to increase its holding through an equity infusion of ` . 100 crore into McNally Bharat. To facilitate the equity investment, the company has entered into an agreement with McNally Bharat Engineering and Williamson Magor group. After the allotment, EMC, along with its group company MKN Investments, will hold 29.64% of McNally's expanded equity base from 12.5% now. Williamson Magor's holding will slide to 24% from 29.73% now.

    Shares of McNally Bharat Engineering jumped 20% to . 94.90 each on the Bombay ` Stock Exchange (BSE) as soon as the company announced its decision to issue 10 million equity shares at . 100 a piece to EMC on a pref` erential basis.

    "The fund will be used to meet McNally Bharat's working capital requirements as well as expedite execution of various projects in hand," it said in a joint media statement issued on Wednesday.

    Since the agreement triggered an open offer, EMC Ltd has made an offer to acquire an additional 26% in the company as per Sebi's takeover norms. "The shareholding of the Khaitans and the EMC will increase as they plan to participate in the joint open offer," a company official said.

    The debt-laden and struggling engineering firm of the Williamson Magor Group will be controlled jointly by the Khaitan family and EMC with both groups having equal representations in McNally Bharat and its subsidiaries, including McNally Sayaji. "EMC Ltd Managing Director Manoj Toshniwal and Director Manish Agarwal will represent the interest of their group on McNally Bharat's board," the release said.

    The partnership with EMC Ltd will help McNally Bha rat cash in on large business opportunities over the next 10 years, McNally Bha rat Chairman Aditya Khai tan said. Go ing forward, the company plans to raise another ` . 200 crore through qualified insti tutional place ment over the next three to six months to meet additional working capital requirements.

    McNally Bharat has convened an extra-ordinary general meeting to seek its shareholders' approval for the investment and proposed changes. Motilal Oswal Investment Advisors and Leverage Capital were strategic and financial advisor to the transaction, while Khaitan & Co were legal advisors.

 

  • July 02, 2015

    Business Standard

    Shares McNally Bharat Engineering today surged as much as 19.97% on Bombay Stock Exchange (BSE) to close at Rs 94.90 after the company announced that it would raise Rs 100 crore equity capital from EMC Ltd at Rs 100 per share, 26.42% higher than its Tuesday's closing price.

    This capital infusion of Rs 100 crore by the company will be done through a preferential allotment of 10 million shares to EMC Ltd at a price of Rs 100 per share. "The proceeds of this equity capital raise to meet its working capital requirements and this expedite execution of the various projects in hand," the company said in a statement.

    EMC Ltd, a service provider for power transmission and distribution firms, had earlier invested Rs 50 crore in March 2015 in McNally through its group company MKN Investmentfor a 12.5% stake in the company. Following this fresh round of proposed preferential allotment EMC's stake in McNally will go up to 29.64%.

    "As per the Sebi guideline, there will also be an open offer by EMC and Willianson Magor Group (the existing promoter) for upto 26% of equity capital of the company," the statement said.

    Existing promoter Kolkata-based Khaitan family's shareholding in Williamson Magor group's engineering arm is also set to come down from 29.73% above 25%. According to the investment agreement, McNally Bharat Engineering will be jointly controlled by the existing promoters and EMC Ltd. Two representatives of EMC, including managing director Manoj Toshniwal, will join the board.

    "The partnership with EMC will strengthen McNally to capitalise on the large business opportunity for the company over the next 10 years and thus provide an integral engineering and construction solution to its customer in the chosen areas of competence," Aditrya Khaitan, chairman of McNally Bharat Engineering said.

 

  • July 02, 2015

    MINT

 

  • July 02, 2015

    The Telegraph

    Calcutta, July 1: EMC Ltd, engaged in power transmission and distribution services, will invest Rs 100 crore for a stake in McNally Bharat Engineering through a preferential issue.

    At present, the Calcutta-based firm holds 12.5 per cent in McNally Bharat through its group company MKN Investments. After the preferential issue, EMC along with MKN Investments will hold 29.64 per cent.

    McNally Bharat, in a statement, said it had entered into an agreement with EMC and the Williamson Magor group for the equity infusion.

    Williamson Magor, a major promoter of McNally Bharat, holds a 29 per cent stake in the company, which will come down to 24 per cent of the expanded equity base. "The capital raising of Rs 100 crore will be done through preferential allotment of 10 million new shares to EMC at a price of Rs 100 per share," McNally said. Under Sebi guidelines, EMC along with other stakeholders will jointly launch an open offer to acquire an additional 26 per cent stake in McNally. The offer would be worth over Rs 131 crore. The McNally Bharat stock jumped 19.97 per cent on the BSE to hit the upper circuit and closed at Rs 94.90. As part of the investment pact, McNally will be jointly controlled, with both Williamson and EMC having board representation. EMC has proposed the names of Manoj Toshniwal and Manish Agarwal as its nominees on McNally's board. Ace investor Rakesh Jhunjhunwala and his wife Rekha are also key investors in McNally Bharat. "The partnership with EMC will strengthen McNally to capitalise on large business opportunities over the next 10 years and provide an integrated engineering and construction solution to its customers," said Aditya Khaitan, chairman of McNally Bharat. The company expects to use the capital to meet its working capital requirement. "Our endeavour shall be to position the company as a prime player in this business and build on its strong track record of project execution," said Manoj Toshniwal, managing director of EMC.

 

  • July 02, 2015

    The Hindu

    EMC to invest Rs.100 cr in McNally Bharat

    McNally Bharat Engineering Ltd. (MBEL) has brought in EMC Ltd., a company engaged in the power transmission business, as a strategic partner who would contribute towards MBEL's equity while also having a board representation.

    At the MBEL board meeting, the company decided to sign an investment agreement with EMC under which EMC (along with group company MKN Investments) would be issued preferential capital to the tune of Rs.100 crore taking its holding in MBEL to 29.64 per cent of the expanded capital.

    Consequently as per SEBI guidelines, EMC and MBEL's parent company Williamson Magor Group made an open offer for up to 26 per cent of the company's equity this morning.

    The company will utilise the funds to meet its (MBEL's) working capital requirements and expedite execution of projects on hand.

    Among the leading engineering companies in India, MBEL is engaged in offering turnkey solutions to power, steel aluminium and material handling and mineral beneficiation projects among others. It has constructed over 350 plants the company said. However, although it still has Rs.5,200 crore orders on hand, the downturn in the economy hit it hard as the long payment cycles in infrastructure projects became longer affecting the cash flow. The present move is aimed at improving the capital flow senior company officials said.

    It was decided that EMC and MBEL would have equal representation in McNally and its subsidiaries. EMC has proposed the names of its MD Manoj Toshniwal and Manish Agarwal as its nominees.

    The company will utilise the funds to meet its working capital needs

 

        •  June

 

 

        •  February

 

  • February 03, 2015

    Business Digest - The Times of India, Kolkata

    B M Khaitan group firm Mcnally Bharat Engineering will raise over Rs 100 crore through a preferential issue. It is issuing one crore shares to Rekha Rakesh Jhunjhunwala, Williamson Magor and MKN Investment for Rs 100 apiece.The company called an extraordinary general meeting (EGM) on February 28 to ratify the issue. An official said, MBE has an unexecuted order book of Rs 6,500 crore. The fund shall be utilized in meeting the working capital requirement.

    West Coast numbers:

    West Coast Paper Mills has witnessed a 4.16% drop in net profit in the third quarter of this fiscal. The net profit after tax was Rs 8.06 crore in the quarter ended December 31, 2014 against Rs 8.41 crore in the year-ago period. The net sales improved from Rs 396.35 crore to Rs 420.36 crore for the quarter ended December 31.

    TRS Forms' target:

    TRS Forms & Services, one of the pioneers in data-centric technology solutions, is bullish about reaching the topline of Rs 100 crore turnover by 2020.TRS has consistently unveiled new solutions in Indian examination and registration space and has expanded in the western and northern India immensely in the last year.

  • February 02, 2015

    Stake churn at McNally - Telegraph

    Ace investor Rakesh Jhunjhunwala’s wife Rekha is looking to increase her stake in McNally Bharat Engineering.

    Following the announcement, the shares of the citybased engineering company today surged 13.12 per cent on the BSE. The board of directors of McNally Bharat today decided to issue 95 lakh equity shares through the preferential route at a price of Rs 100 apiece.

    Of this, 20 lakh shares have been offered to promoter Williamson Magor and Company, 25 lakh equity shares to Rekha Rakesh Jhunjhunwala and 50 lakh shares to strategic investment company MKN Investment Private Limited.

    The board has also decided to issue convertible warrants for 30 lakh shares in favour of promoter Williamson Magor and Company. The proposal shall be put up for shareholders’ approval in an extraordinary general meeting on February 28, the company said today.

    At present, the promoter holding in McNally Bharat stands at 32.31 per cent and will come down to 29.67 per cent on the approval of the issue without considering the share warrant. Rekha Jhunjhunwala now holds 3.21 per cent in the company, while husband Rakesh holds 1.60 per cent.

    The equity allotment taken together with the convertible warrants will help the company to raise Rs 125 crore. Prabir Ghosh, whole time director and group chief financial officer, said under the Sebi guidelines, 25 per cent of the convertible warrants would accrue on approval, while the remaining amount would be available within 18 months.

    “ McNally Bharat has an order book of Rs 6,500 crore.

    The fund raised will help the company to meet the working capital requirement and improve its debt- equity ratio,” Ghosh said.

    Shares of McNally Bharat today closed at Rs 110.80, up 13.12 per cent from the previous close of Rs 97.95 on the BSE. The company, which offers turnkey solutions to such as power, steel, ports, cement, oil and gas had suffered a net loss of Rs 8.33 crore in the quarter ended September. Net sales stood at Rs 564.79 crore against Rs 481.41 a year ago.

2014

        •  June

 

        •  January

 

  • January 30, 2014

    McNally Bharat exits U.K. outfit - The Hindu, Kolkata

    MBE Mineral Technologies Pte Ltd. (MBEMT), the Singapore-based wholly-owned subsidiary of McNally Bharat Engineering Company Ltd. (MBE), has sold its entire shareholding of 41.66 per cent in Hayward Tyler Group plc U.K., a specialised engineering company, for a total value of British pound 12.3 million, the company said.

    Commenting on the development, MBE executive vice chairman Deepak Khaitan said that the sale has yielded a tax-free profit of around $2.5 million in its Singapore-based subsidiary MBEMT. It will be reflected in MBE's consolidated accounts in 2013-14. MBE said that the transaction proceeds would cut its consolidated borrowing of Rs.950 crore by Rs.140 crore and also reduce the contingent liability for corporate guarantee by around Rs.130 crore. The sale was done through bidding at the AIM counter (alternative investment market) on the London Stock Exchange.

  • January 29, 2014

    The Hindu Business Line, Kolkata

    MBE Mineral Technologies (MBE), the overseas arm of McNally Bharat Engineering Co, has sold its entire controlling stake in the UK-based Hayward Tyler Group for £12.3 million (around Rs. 130 crore).

    The divestment was carried out in a bidding process through the London Stock Exchange. 

    According to MBE Executive Chairman Deepak Khaitan, the sale of the Hayward Tyler stake yielded the Singapore-based company a tax-free profit of $2.5 million. The sale of Hayward Tyler is significant for MBE as the proceeds would be reflected in its consolidated accounts for 2013-14. More importantly, it will reduce the overall borrowing in the consolidated accounts by around Rs 140 crore and also bring down the contingent liability for corporate guarantee of around Rs 130 crore. 

    MBE had bought the Hayward Tyler, an industrial pump maker, through its Singapore investment arm in September 2012. The present deal could be profitable as MBE could turn Hayward around after an operational restructuring.

    However, as MBE's own profitability was under pressure on rising finance cost in a prolonged slowdown period, the company decided to sell the stake.

    MBE said it would maintain its business relationship with Hayward Tyler through its German manufacturing subsidiary, MBE Cologne Engineering GmbH. It will remain the key supply partner of Hayward Tyler's UK plant.

  • January 29, 2014

    McNally Bharat Engineering has raised Rs. 127 Crore - The Telegraph - Business Brief

  • McNally Bharat sells stake in UK firm

  • McNally Bharat sells UK unit Hayward Tyler

    Kolkata: McNally Bharat Engineering, B M Khaitan group company, has sold Hayward Tyler Group Plc close to one-and-a-half years after acquiring and subsequently turning around the UK based leading maker of pumps and motors used in power, nuclear and oil and gas markets.

    McNally Bharat, via its arm MBE Mineral Technologies Pte, divested its majority 41.69% stake to a clutch of institutional and other investors that will net £12.3 million, or about Rs 127 crore.

    "The sale of investment in Hayward Tyler has yielded a tax-free profit in Singapore subsidiary of $2.5 million, which will be reflected in the consolidated accounts of MBE for 2013-14. The inflow from the transaction will reduce the overall borrowing in the consolidated accounts of MBE by approximately Rs 140 crore and will also reduce the contingent liability for corporate guarantee given for the loans being paid back to the extent of Rs 130 crore," McNally Bharat’s executive chairman Deepak Khaitan said.

    Apart from sale of its equity holding, MBE would also withdraw its credit facilities.

    "The company has received a credit approved offer from The Royal Bank of Scotland plc for new banking facilities on improved terms. When completed, the RBS facilities will remove the requirement for the support by McNally Bharat of the company’s existing banking facilities, which will be repaid," Hayward Tyler said in a statement.

    MBE, however, would maintain its relationship with Hayward Tyler through its German subsidy, MBE Cologne as supply partner for Hayward’s Luton plant.

    For the half-year ended September, Hayward Taylor reported revenue of £14.6 million and operating profit of £2.2 million, leading to earnings per share of 3.39 pence, a growth of 88%.

    Exit of Kolkata-based Khaitans from Hayward Tyler comes after months of painful restructuring of operations hit by global slowdown, which, among others, saw shifting of its London headquarters and changing the name from Specialist Energy to reflect its popular brand name.

    "Post completion of this transaction, MBE will put sharper focus on its Indian business, which is expected to record improved performance in 2014-15, with an expected opening order book of over Rs 6,500 crore and expected turnover of around Rs 2,750 crore in 20014-15," a McNally Bharat official said.

  • McNally Bharat S'pore Arm Sells Stake in Hayward Tyler for £12 M - The Economic Times, Kolkata

    McNally Bharat Engineering's (MBE) wholly owned Singapore subsidiary MBE Mineral Technologies Pte Ltd has sold its entire holding of 41.66% in Hayward Tyler Group Plc of UK for £12.3 million (around .127 crore).

    The divestment was effected through a bidding process at AIM counter of London Stock Exchange.

    The selloff helped MBE Mineral Technologies earn a tax-free profit of $ 2.5 million (around . 15.5 crore) and the same will get reflected in MBE's consolidated accounts for 2013-14.

    Elaborating on the transaction, McNally Bharat Engineering Executive Chairman Deepak Khaitan said: "The proceeds will be used to cut down the overall borrowing in MBE's consolidated accounts by roughly . 140 crore. At the same time, it will also reduce the contingent liability for corporate guarantee provided by McNally Bharat to Singapore subsidiary's lenders."

    As on December 31, 2013, McNally Bharat Engineering's total debt stood at . 900 crore.

    Khaitan said that parent company McNally Bharat Engineering will continue to maintain relationship with Hayward Tyler Group through its German manufacturing subsidiary MBE Cologne Engineering GmbH as the supply partner of Hayward Tyler's Luton plant.

    Sometime in 2012, McNally Bharat Engineering's wholly owned Singaporean subsidiary MBE Mineral Technologies Pte Ltd had acquired a 41.66 % stake in London-listed (AIM segment) Specialist Energy Group Plc (SEG) - a boiler circulation pumps and specialised motors making company based in the UK which owned the Hayward Tyler brand. Subsequently, SEG was rechristened Hayward Tyler Group Plc.

    The selloff is part of MBE's business strategy to focus on its Indian business which is expected to post improved performance in 2014-15, with an expected opening order book of over .6,500 crore and expected turnover of . 2,750 crore in 2014-15, said the company's whole-time director and group CFO Prabir Ghosh.

    MBE's Coal & Mineral Technology Group based in India, Germany and South Africa are also expected to record improved performance in 2014-15 with an expected opening order book of over €45 million.

  • January 27, 2014

    The Company has received an order for construction works of Super Speciality Hospitals for a Value of Rs. 118.58 Crores.

  • January 15, 2014

    The Company has received an order for Civil, Structural & Supply works of an Ash Handling Package for a Value of Rs. 97.19 crores.

  • January 13, 2014

    MBE Coal & Minerals Technologies GMBH, a 100% subsidiary of MBE Mineral Technologies Pte Limited, Singapore, a Wholly Owned Subsidiary of the Company has received an order for works relating to Flotation Equipment Package for Euro 5.95 million (Rs. 50 crores).

  • January 06, 2014

    TThe Company have received the following orders for:

    1. Operation & Maintenance of a Coal Handling Plant for a value of 9.06 Crores.
    2. Replacement of Cranes at a Cargo Jetty for a value of 5.10 Crores.

2013

        •  December

 

  • December 31, 2013

    The Company has received an order for Service & Supply works of a Water Pre-Treatment Plant Package for a Power Generation Company for a Value of Rs. 42.50 crores. The contractual completion period is 30 months.

  • December 09, 2013

    The Company has received an order for comprehensive Operation & Maintenance of Coal Handling Plant for a Thermal Power Plant for a value of Rs. 209.84 crores for a period of 5 years.

 

        •  November

 

  • November 11, 2013

    The Company has received an Order for Civil, structural & underground piping works of Sulphur Recovery Units for a value of Rs. 120.53 Crores.

 

        •  October

 

  • October 28, 2013

    McNally Bharat Engineering (SA) Proprietary Limited, a 100 % Subsidiary & a Special Purpose Vehicle of the Company, has received an order for onshore execution of fluorspar beneficiation Plant for a value of Rs. 229 Crores (approx). The contractual completion period is 21 months.

  • October 10, 2013

    The Company has received an order for complete operation and maintenance of Coal Handling Plant and earthmovers for a Thermal Power Plant for a value of Rs. 13.82 Crores.

  • October 7, 2013

    The Company has received an order for Civil, Structural & Underground piping works of an existing refinery area for an Integrated Refinery Expansion Project for a total value of INR 127.46 Crores.

 

        •  September

 

  • September 16, 2013

    1. MBE Coal & Mineral Technology India Private Limited, a 100% subsidiary of the Company has received an order for works relating to Coal Washery & Crashing Plant for Rs. 51.75 Crores.
    2. In addition, MBE Coal & Minerals Technologies GMBH, a 100% subsidiary of MBE Mineral Technologies Pte Limited, Singapore, a Wholly Owned Subsidiary of the Company, is also participating in a part of the said Order for which the value is Rs. 6.35 Crores.
  • September 13, 2013

    The Company has received an order for Civil, Structural & Underground Piping Works for an Integrated Refinery Expansion Project for a value of Rs. 144.32 crores.

 

        •  August

 

  • August 26, 2013

    The Company has received an order for Design, Engineering, Manufacturing, Erection, Commisioning and Supply on turnkey basis for In-Pit Conveyor System for a value of Rs. 309 crores.

  • August 21, 2013

    The Company has received an order for Civil & Structural works for Main Plant Area including Boiler & TG Foundation and Chimney for a Super Critical Thermal Power project for a value of Rs. 531.90 crores.

  • August 20, 2013

    The Company has received an order for Supply of Equipment, Civil Work, Structural Work, Erection & Commissioning of Balance of Plant Package for a Thermal Power Project for a value of Rs. 973 crore.

  • August 14, 2013

    The Company has received an EPC order for Design, Engineering, Supply, Installation, Testing & Commissioning of an ash handling system and ash water recirculation package for a value of Rs. 216.91 crores.

  • August 12, 2013

    The Company has received orders for Civil Construction Work for a Cement Plant for a value of Rs. 156.69 cr.

 

        •  July

 

  • July 12, 2013

    The Company has received orders for 132KV Line Bays and Feeder Bays at different Thermal Power Stations for a value of Rs. 20.93 Crores (approx).

  • July 2, 2013

    The Company has received an order for the Supply and Installation of a Coal Handling Plant Package for a value of Rs. 109 crores (approx).

 

        •  June

 

  • June 28, 2013

    The Company has received an order for:

    1. Construction & Rehabilitation & Resettlement Colony at Hazaribagh for a value over Rs. 260 Crores.
  • June 3, 2013

      The Company has received the following orders for:

    1. Service Contract for Operation & Maintenance of a Coal Handling Plant at a Value of 6.97 crores.
    2. Technical Assistance for Operational stabilization of Coal Handling Plant and Coke Screening Plant at a value of 4.04 crores.
    3. Annual Operation & Maintenance for an Ash Handling Plant System at a value of Rs. 2.6 crores.  

    Supply of MBE Make spares for an Ash Handling Plant at a value of Rs. 1.65 crores.

 

        •  April

 

  • Strategic Alliance Between Olympia, Merlin & McNally Bharat Co. Ltd
    (April, 2013)
    Olympia and Merlin has appointed engineering company McNally Bharat Engineering as technological partner for its upcoming Rs 900 crore project REFLECTION.McNally Bharat will be the construction partner for Olympia Merlin's flagship luxury project REFLECTION. It is a Rs 900 crore project located on the famous East Coast Road...

  • April 1, 2013
  • The Company has received the following orders for:

    1. Construction of various buildings & allied infrastructure at a Medical College for Women at Haryana at a price of Rs. 77.32 Crores;
    2. Operation & Maintenance of Ash Handling System at Gujarat at a price of Rs. 2.9 Crores; and
    3. Annual Work Contract for Operation & Maintenance for an Ash Handling Plant System at a price of Rs. 2.05 Crores.

 

        •  February

 

2012

        •  August

 

         •  July

 

         •  May

 

2011

        •  August

 

 

2010

 

        •  March

 

 

        •  February

 

2009

        •  July