BL reported that McNally Bharat Engineering Company Ltd belonging to the BM Khaitan Group has concluded the acquisition of coal and mineral technology business of Humboldt Wedag GmbH.

According to a company release, the acquisition has been made through MBE’s wholly owned subsidiary in Singapore, MBE Holdings Pte Ltd for USD 16 million of which USD 7.5 million has been a cash payout and the balance goes towards the statutory liability on account of workshop employees who have been absorbed.

MBE’s order book position as on September 30th 2009 amounted to INR 2,925 crore. During the second quarter, the company’s total income amounted to INR 305.48 crore profit before tax was INR 5.14 crore and profit after tax stood at INR 3.6 crore.

During the same period, the total income of McNally Sayaji Engineering Ltd amounted to INR 69.61 crore, profit before tax was INR 8.82 crore and profit after tax stood at INR 6.82 crore.

(Sourced from Business Line)