McNally Bharat Engineering Company (MBE), engaged in providing turnkey solutions, announced that the company has won orders worth Rs 10.24 bn in Muscat

MBE had recently formed a 50:50 SPV with EMC group in Muscat, Sultanate of Oman. The JV company has received a combined order worth Rs 20.48 billion from Sohar Bitumen LLC in Oman for their Bitumen Refinery in Sohar, Muscat.

The company said, "MBE in its recently formed 50:50 SPV with EMC Group has received a contract for construction, detailed engineering, construction supervision, mechanical commissioning and supply for a value of Rs 20.48 billion or USD 315 million approximately."

"The share of MBE in the order is Rs 10.24 billion or USD 157 million  approximately, with delivery period of the project being 24 months from the date of receipt of advance from the customer" it added.

Shares of the company declined Rs 0.05, or 0.05%, to trade at Rs 97.50. The total volume of shares traded was 199,755 at the BSE (10.46 a.m., Thursday).