McNally Bharat looks to acquisitions in Europe

McNally Bharat Engineering Company (MBE), a civil engineering and turnkey project execution company of the BM Khaitan group, is looking for acquisitions in Europe that will lend it a technology edge in the areas of oil and gas, cement and water, according to chairman Dipak Khaitan. 

Khaitan said at a press meet yesterday that the size of the company the group was targeting would be in the range of $50 million in West Europe.

The German manufacturing business it acquired in May 2009, has also been asked to look for acquisition targets.

He said that MBE was targeting a Rs5,000-crore turnover by 2015 (from Rs1,484 crore in 2009-10), and was placing an increased emphasis on business from overseas companies.

It expected the share of overseas orders to rise to 30 per cent from 10 per cent and also plans to expand activities in South Africa, South America and China with its German outfit at the same time gearing up to tap the opportunities in Africa.

Khaitan added that in May this year, the company won its first overseas order in Zambia valued at Rs114 crore which would be executed through a newly formed subsidiary.