Calcutta, Jan. 31: Macneill Engineering Limited, a B.M. Khaitan group company, has changed hands. The group has clinched a deal with the city-based trio of Churiwals, Kejriwals and Aryas who have teamed up to buy the closely-held company of the Khaitan group.

When contacted the office of Churiwals said, “It is premature to talk about the deal now. It will take a week to finalise the deal.”

Efforts to reach Deepak Khaitan, executive vice-chairman and managing director of Eveready Industries India Limited (EIIL), proved futile. Khaitan looks after the engineering division of the group.

When contacted, MEL chairman Supriyo Mukherjee, confirmed the deal but refused to name the buyer. He said, “The deal has been clinched with a Calcutta-based industrialist who has taken over MEL with all its assets and liabilities.”

Mukherjee elaborated that the Williamson Magor group has decided, as part of its long-term business strategy, to withdraw from the management of the company and transfer its shareholding in MEL.

It is learnt that the new promoters of the company has business interest in steel, project development and trading.

Mukherjee refused to divulge the details of the deal. He, however, added that the company was recently referred to the Board for Industrial and Financial Reconstruction (BIFR).

Industry sources said the company has a liability of Rs 20 crore, out of which Rs 10 crore with banks and financial institutions.

In 1988, the material handling division of erstwhile Macneill & Magor Limited was incorporated as Macneill Engineering Limited. The company manufactured battery-operated fork-lift truck and other material handling equipment.

MEL had a tieup with Sumi Australia Pty Limited for technical collaboration to manufacture state-of-the-art material handling equipment. It had also entered into a technical collaboration with Linde of Germany, the largest forklift truck manufacturer in the world.

The company’s factory is located at Bhasa, near Joka in South 24 Parganas. Earlier, the factory was near Majerhat Bridge but was shifted to Bhasa one and a half years ago. The factory employs nearly 400 people.