McNally Bharat Engineering has announced that as part of the ongoing consolidation exercise, the company's 100 per cent subsidiary in Singapore has sold 90 per cent of its holding in its manufacturing subsidiary based in Cologne, Germany, at a consideration of around Rs 12 crore (€1.5 million).
The investment has already been written off in the books of the Singapore subsidiary in FY12-13, and the transaction is set to reflect as a profit.
The company said the transaction will also reduce around Rs 31 crore (Euro 3.9 million) debt in the consolidated balance sheet of McNally Bharat Engineering in FY14-15.