McNally Bharat pins hope at strategic investors and partners for revival

McNally Bharat Engineering Ltd (MBEL), the stressed engineering company of the Williamson Magor Group (WMG) is relying on strategic investors to tide over the ongoing financial crisis in the company which it believes will be addressed by the end of the current fiscal year.

MBEL has roped in a consortium of investors led by Turbovent Industries as a strategic investor in the company and due diligence is underway currently.

After this process is over, Turbovent is likely to submit a binding offer which will see infusion of funds in MBEL at the cost of stakeholding.

In case the investors pick up a stake,