McNally Bharat Engineering Company (MBE), a joint venture between the Williamson Magor group and GP Birla group, has entered into an agreement with Germany-based KHD Humboldt Wedag International GMBH to buy their various businesses.  

KHD Humboldt Wedag International GMBH is a world leader in supplying proprietary technologies, equipment, engineering and design services for cement, coal and minerals processing.  

The company stated in a communiqué that it has signed a memorandum of understanding (MoU) with KHD Humboldt Wedag International GMBH and its subsidiaries in Germany, India and Hong Kong, to buy the latter's various businesses.  

Under the arrangement, McNally Bharat Engineering will buy KHD Humboldt Wedag International's engineering workshop in Cologne, Germany, and their coal and mineral technology business based in Germany, India, South Africa, Russia and China. The turnover of all the business is $50 million.

Presently, Humboldt has a turnover of $700 million, out of which India accounts for 30-40 per cent. McNally Engineering believes that acquisition will give the company a footprint in Germany, India, South Africa, Russia and China.  

However, the company did not disclose the financial details of the trasaction.

Further, the closing of the transaction is expected to take place on and after due diligence and obtaining necessary regulatory approvals in India and Germany.