The Hindu : Business : Mcneill plans foray into Sri Lankan market

Online edition of India's National Newspaper
Wednesday, Mar 09, 2005

Business

Business

Mcneill plans foray into Sri Lankan market

By Our Special Correspondent

KOLKATA, MARCH 8. Mcneill Engineering Ltd (MEL) is planning to enter the Sri Lankan market by floating a joint venture with Shri Vasanthe Senanayeke.

A company release described its prospective joint venture partner as a leading industrial house in Sri Lanka with interest in shipping and material handling.

MEL, an erstwhile company in the Williamson Magor Group, is a Board for Industrial and Financial Reconstruction-referred company with an accumulated loss of Rs. 10 crores. It was taken over by Startrack International, a cold storage manufacturing company, last year. Pradip Churiwal, CEO, said that MEL was now on the recovery path and expected a Rs. 5 crore profit in 2005-06. It had settled its past dues through one-time schemes.

A manufacturer of forklift trucks and other material handling equipment, MEL is also reviving its business of making switchgears. Besides, it is developing battery-operated auto rickshaws, says the release.

As for the joint venture, the release said that forklift trucks and other material handling equipment would be exported to Sri Lanka in a CKD (completely knocked down) condition. Full-fledged operations would begin in phases. A Rs. 5 crore turnover is expected in 2005-06 itself. Mr. Chiriwal said the process of incorporating the company with an equity of Rs. 5 crores had already begun.

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