McNally Bharat rejigs group entities

McNally Bharat Engineering Co Ltd (MBECL) has conducted a minor restructuring of the network of entities under its fold. The BM Khaitan group company informed the BSE that “as a measure of restructuring its group holdings”, it has acquired 3.49 lakh equity shares constituting 99.9 per cent of the total share capital of MBE Coal & Mineral Technology India Pvt Ltd from an overseas-registered 100 per cent subsidiary. Mr Prabir Ghosh, whole-time director and group CFO, told Business Line that the control of the company was passed on to MBECL for a consideration of $3 million, the same price at which it was purchased by the Singapore entity MBE Mineral Technologies Pte Ltd, a wholly owned subsidiary, from the German company Humbodt Wedag a couple years ago. After the acquisition, MBE Coal & Mineral Technology India Pvt Ltd became a direct subsidiary of MBECL. The restructuring was done to facilitate operational benefits as the company had functional domain in India. “The company operates in coal technology related areas with specific physical operative market in this country. Its indirect control earlier was creating operational and statutory hurdles,” Mr Ghosh said.