McNally Bharat Engineering Company 's subsidiary McNally Bharat Infrastructure has acquired Buildmet Limited for Rs 37 crore. Buildmet is a construction company based in Bangalore, working for a period of 35 years in the area of slipform construction technique to build complex civil structures like silos and chimney for cement and power plants.
Buildmet has reported a turnover of Rs 42 crore and profit before tax of Rs 6.67 crore. The price paid for acquisition is subject to any major adverse findings in the due dilligence exercise undertaken by PricewaterhouseCoopers. Post acquisition, the company will have strong value integration in area of cement, power and will consolidate its business in this area.
