Mcnally Bharat Withdraws From Jlpc

Mcnally Bharat Engg Co Ltd of the B M Khaitan-controlled Williamson Magor group, has withdrawn from the Jayamkondam Lignite Power Corporation (JLPC) in Tamil Nadu, which was promoted by the company along with three other German companies and Tamil Nadu Industries Development Corporation (TNIDC). This is because the company considers the project totally unviable.

While speaking to the reporters at the end of the 35th annual general meeting (AGM) of the company, B S Postwalla said that Tamil Nadu Industries Development Corporation has shortlisted three companies for the project.

"Till a final decision is made, the amount of Rs 1 crore invested in Jayamkondam Lignite Power Corporation will remain as an advance to them with an option to our company to buy shares in JLPC at the appropriate time", he said.

 

The AGM was chaired by vice chairman, S P Singhi in the absence of the chairman Deepak Khaitan.

No new project orders were booked due to the delay in finalising various proposed projects in the infrastructure sector.

In the last financial year, the company has recorded an income of Rs 113 crore against Rs 100 crore in the previous fiscal, while net profit of the company increased to Rs 7.7 crore from Rs 4.7 crore during the period under review.

Earlier, at the 11th AGM of Kilburn Engineering Ltd, the loss making Magor group company, the board of directors secured the shareholders' approval to raise its borrowing limit to Rs 200 crore from Rs 75 crore.

Since chairman Deepak Khaitan was not present for this AGM also, A S Gupta chaired the meeting.

Addressing the gathering, H F Bana, managing director of Kilburn Engineering, said that in view of the recession in the economy, it will be a difficult year for the company.

At the AGM of WPIL Ltd, the pump manufacturing Magor group company, A K Palit, the managing director of the company, who was chairing the meeting, said that the recent measures undertaken by the government for power and infrastructure are expected to improve the market conditions.