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McNally Bharat Engineering Company Ltd said that it recently formed a 50:50 special purpose vehicle with EMC Group in Oman. In a stock exchange filing McNally Bharat said the SPV received a contract for construction, detailed engineering, commissioning of bitumen refinery in the Sultanate for a value of $315 million (around Rs 2,048 crore). Sohar Bitumen LLC is setting up the facility at Sohar in Muscat.
McNally Bharat said its share in the order is worth $157 million (around Rs 1,024 crore). The delivery period of the project is 24 months from the date of receipt of advance from the customer.
EMC group has become co-promoter of McNally Bharat along with the BM Khaitan Group.
Shares of McNally Bharat Engineering were down 0.97 per cent at Rs 96.60 apiece on the BSE in pre-close trade.
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