McNally Bharat Engineering Company Ltd has signed agreements with Russia based steel plant consultant and equipment providers Tyazhpromexport and Austrian Vai Pomini for undertaking modernization and expansion steel plants in India.

The tie ups would enable the company to participate in certain specific areas of steel sector modernization, McNally Bharat said that following the signing of the two agreements it expected the area of its operation, turnover and profitability to improve considerably.