McNally Bharat Engineering Company has secured three contracts with an aggregate value of Rs 601.21 crore from South Eastern Coalfields.
The company has bagged the contract in a joint venture (JV) with Trolex for planning, design, engineering, construction, fabrication, erection, supply, installation, testing, trial run and commissioning of one number silo of 4,000 tonne capacity with rapid loading system, elevating belt conveyors for the silo, truck receiving stations for receiving coal from the trucks with vibro feeders, 20,000 tonne capacity over ground bunker with vibro feeders and feeding it by the elevating conveyors to the 4,000 tonne capacity silo with RLS.
This is inclusive of all civil & structural and electrical & mechanical works and allied auxiliary facilities such as dust suppression system, firefighting system, plant cleaning system, sampling system, condition monitoring system, drinking water supply system, service road, general development, drainage, etc for loading of raw coal into rail wagons at Baroud OC Expansion (10 million tpa) Project in Raigarh area of Chhattisgarh on turnkey basis. The value of the contract is Rs 216.53 crore.
McNally-Trolex JV secured another contract for planning, design, engineering, construction, fabrication, erection, supply, installation, testing, trial run and commissioning of one number RCC silo each of 3,000 te capacity with rapid loading system of 4,500-8,500 tph, one set of crushing-cum-truck receiving station, RCC overhead bunker of 10,000 te and associated belt conveyors with transfer house for reclamation of coal from the crushing-cum-truck receiving station and feeding it to the bunker and then to the RCC silo.
The work is inclusive of all civil & structural and electrical and mechanical work and allied auxiliary facilities such as dust suppression system, fire fighting system, plant cleaning system, sampling system, condition monitoring system, drinking water supply system, service road, general development, drainage, etc for loading of raw coal into rail wagons at Chhal OCP, rated capacity six million tonne in Raigarh area on turnkey basis. The value of the contract is Rs 173.46 crore.
The third contract is bagged by the company is in JV with AML for planning, design, engineering, construction, fabrication, erection, supply, installation, testing, trial run and commissioning of two number RCC silo each of 3,000 te capacity with rapid loading system of 4,500-8,500 tph capacity, truck receiving station for receiving coal from trucks, RCC overhead bunker of 20,000 te and associated belt conveyors with transfer points for reclamation of coal from the truck receiving hoppers and feeding it to the bunker and then to the RCC silo.
The work is inclusive of all civil & structural and electrical & mechanical works and allied auxiliary facilities such as dust suppression system, firefighting system, plant cleaning system, sampling system, condition monitoring system, drinking water supply system, service road, general development, drainage, etc on turnkey basis for loading of raw coal into rail wagons at Dipka OCP for Dipka mechanised siding with silo of 25 million tpa rated capacity in Dipka area. The contract value is Rs 211.22 crore.
McNally Bharat Engineering Company in joint venture (JV) with Trolex-Kilburn has bagged a contract from Mahanadi Coalfields.
The contract is for pre-engineered turnkey execution for design, supply, erection, commissioning and trial run with operation and maintenance (O&M) during DLP, etc for coal evacuation system by belt conveyors & despatch through RLS with surge bin at Sardega siding (20 million tpa) at Mahalaxmi area in Sambalpur district of Odisha.
The value of the contract is Rs 311.68 crore.
McNally Bharat Engineering bags Rs 278 crore order from Coal India arm.
McNally Bharat Engineering Company Ltd on Friday said it has bagged a Rs 278-crore order from Coal India arm MCL.
McNally Bharat Engineering Co Ltd (lead partner of joint venture) as McNallyAML (JV) has received an order of Rs 278.48 crore from Mahanadi Coalfields Ltd (MCL)," the company said in a filing to BSE.
The order is for pre-engineered turnkey execution for design, supply, erection, commissioning and trial run with operation and maintenance during defect liability period (DLP) for construction of coal handling plant to transport coal, it added.
In an interview to CNBC-TV18, Srinivash Singh, MD of McNally Bharat Engineering said that the order received for Rs 415 crores is to build solar plant for Andhra Pradesh Power Generation Company.
He said that the timeline for completion of order is 15 months. However, will enjoy 7-8 percent profitability on the order, said Singh.
McNally Bharat's objective is to turn around in next one-two years.
Outcome of Board Meeting held on 14 December 2016 McNally Bharat Engineering Company announced that the Board of Directors of the Company at its meeting held on 14 December 2016 has appointed Srinivash Singh as the Managing Director of the Company with immediate effect. The Board also appointed Partha S Bhattacharya as an Independent Director of the Company with immediate effect and accepted resignation of S R Dasgupta as Independent Director with immediate effect.
The Board also decided to not go ahead with merger proposal of EMC, McNally Bharat Engineering Company and McNally Sayaji Engineering with Kilburn Engineering.
The Board has decided to consider infusion of fresh equity into the company up to an amount of Rs 600 crore to further recapitalise the company.
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 investment 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 investment 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.
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 preferential 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 Bharat cash in on large business opportunities over the next 10 years, McNally Bharat Chairman Aditya Khaitan said. Going forward, the company plans to raise another ` .200 crore through qualified institutional placement 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.
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 Investment for 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," Aditya Khaitan, chairman of McNally Bharat Engineering said.
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.
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.
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 a piece. 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.
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Ace investor Rakesh Jhunjhunwala’s wife Rekha is looking to increase her stake in McNally Bharat Engineering.
Following the announcement, the shares of the city based 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.
McNally Bharat plans to raise Rs 250cr, part to repay debt
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.
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.
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 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 Rs 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.
The Company has received an order for construction works of Super Speciality Hospitals for a Value of Rs. 118.58 Crores.
The Company has received an order for Civil, Structural & Supply works of an Ash Handling Package for a Value of Rs. 97.19 crores.
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).
The 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.
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.
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.
The Company has received an Order for Civil, structural & underground piping works of Sulphur Recovery Units for a value of Rs. 120.53 Crores.
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.
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.
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.
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. 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.
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.
The Company has received an order for Design, Engineering, Manufacturing, Erection, Commissioning and Supply on turnkey basis for In-Pit Conveyor System for a value of Rs. 309 crores.
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.
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.
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.
The Company has received orders for Civil Construction Work for a Cement Plant for a value of Rs. 156.69 cr.
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.).
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.).
The Company has received an order for:
1. Construction & Rehabilitation & Resettlement Colony at Hazaribagh for a value over Rs. 260 Crores.
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.
Strategic Alliance Between Olympia, Merlin & McNally Bharat Co. Ltd
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.
EBITDA growth has been very healthy: McNally Bharat Engineering
Cover Story View: Changing face of employer-employee relations: The Manesar impact
By Sujoy Banerjee, McNally Bharat Engineering Company Limited I am yet to get over the fact that we lost Awanish to a ghastly and dastardly act of violence by a mindless group of people for whom human life has no value.
As I pen down my thoughts, my mind is flooded with some unanswered questions, "What was Awanish's fault?"; "Is there no value and respect for human life?"; "What drove the workmen to act in this barbaric manner"?; "Is there a systematic defect or has the socio-economic and socio-cultural fabric of our society decayed beyond redemption"?; "Why did Awanish have to pay such a heavy price - was it because he had the tag of a General Manager - HR"?
I believe that what happened in Manesar on July 18 was symbolic and representative of a social decadence that has set in. The entire ethics & value framework of the Indian society has broken down. We no longer demonstrate tolerance of differences, we do not respect the fact that people can have different ideologies and views and we are becoming increasingly impatient and hostile towards each other. The problem of labor unrest at Manesar or at other places in the country has its roots in the socio-economic and socio-cultural framework of the civil society.
I feel education and sensitization of the unionized workmen on the revised industrial framework of the country and the corresponding consequential changes in Union Management relationship model has become mandatory. There is a serious need to go back to the drawing board and establish new norms and principles of the employer-employee relationship model, especially in the light of increasing engagement of contractual workmen across organizational processes.
Over the last few years, the Indian Industry across sectors has gone into an overdrive of contractual engagement of workmen with a view to manage their cost of operations. What started initially as contract workmen being engaged in tertiary and non-core activities of the enterprise, have now become all pervasive across operations, even in the core areas of the organizations' operations. While the number of contractual workmen in the country has gone up exponentially over the past few years and the dependency of corporations on them have increased manifold, the legislative framework to monitor and regulate their employment conditions is inadequate. There is also a lack of welfare and social security framework for the contract workmen. In this scenario, where employment terms are not clearly defined and the nature of the engagement is not permanent, there is bound to be doubt and misunderstanding between the employer and employee, unless there is a defined legal framework for contract workmen.
The trade union system in India also requires a serious review and re-orientation of its approach in order to monitor, manage and advocate the cause of the contract workmen in this country. This group of people is still unorganized and there is lack of an organized institution to take up their cause. Hence, this group very often suffers from a feeling of inadequacy and constant deprivation by the employers. The trade unions in India have to revisit their own operating models and try to engage themselves more constructively and pro-actively in this changed industrial relations scenario.
Last but not the least, I feel that enterprises should not view contract workmen only as a group of people who are being employed and engaged to reduce employment or overhead costs. They need to be seen and treated at par with the permanent employees and accordingly they should be offered working conditions, which any other permanent workman enjoys. The moment we try to create a deep divide between two fellow workmen, feeling of discrimination, deprivation and exploitation is bound to arise, thereby leading to unrest and recurrence of Manesar.
I feel that all the 4 stakeholders - the government, the employers, the employees and the society need to seriously revisit and re-orient themselves to handle the sensitive issue of contract labor engagement.
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