McNally Bharat, a company in the Williamson Magor group, is looking to have an increasing presence in mineral-rich overseas destinations. These might either be through subsidiaries in these countries or at least a representative office, Chairman Dipak Khaitan said.
“We have already incorporated a subsidiary in Brazil and South Africa,” he said adding that the company had rep offices in Australia and Russia.
Operations
The engineering and turnkey project execution company's area of operation includes bulk material handling, ash handling, road construction and maintenance and open-cast mining machinery fabrication. “We want to be present in mineral-rich countries,” he said.
Over the last few months, McNally Bharat, the focus company within the group (which also has in its fold Eveready Industries and tea business), has acquired the Gujarat-based Sayaji Engineering Company as also the engineering workshop and the coal and mineral technology (CMT) of a German company.
On Saturday, the board of the company also finalised the second quarter results which showed a top line growth of 22 per cent an operating margin which was only marginally higher than the same quarter of 2009-10. “It could have been better,” Mr. Khaitan said at a press conference.
He said the company might stick to the organic growth path now, since efforts to make buys were getting frustrated. “With economies improving there were no more distress sales,” he observed.
Attrition level
The company had said earlier this year that it was moving in on a West European buy in the oil, gas and water segments.
He said that with the economy looking up within the country, attrition levels were also up and the company has lost 55 people in the first-half of the year.
P. Bose, Chief Financial Officer, said that the company had recruited 140 people during this period to make up for the loss.
