McNally Bharat Engineering Company’s 100% subsidiary in Singapore has sold 90% of its holding in its manufacturing subsidiary based in Cologne Germany, at a consideration of Euro 1.5 million.
This investment has already been written off in the books of the Singapore subsidiary in FY’12-13, hence this transaction shall reflect a profit on of Euro 1.5 million in the consolidated PL of McNally Bharat in FY’14-15. This transaction shall also reduce Euro 3.9 million debt in the consolidated Balance Sheet of the company in FY’14-15.
McNally Bharat Engineering Company is one of the leading engineering companies. It provides turnkey solutions in areas of power, steel, alumina, material handling, mineral beneficiation, coal washing, ash handling and disposal, port cranes, civic and industrial water supply etc.
