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Tuesday, May 08, 2012 9:08:26 AM (IST)  

Vijay Mallya to Sell Mangalore Chemicals & Fertilizers?

MUMBAI, May 8 (TOI): Mangalore Refinery and Petrochemicals (MRPL), majority owned by state-owned ONGC, has expressed interest to acquire promoter's stake in Mangalore Chemicals & Fertilizers (MCF), said a source directly involved with the matter.

Liquor baron Vijay Mallya's UB Group holds little over 30% stake in MCF, a non-core investment that may be sold to fund its bleeding Kingfisher Airlines. MRPL managing director Uttam Kumar Basu has written a letter to Mallya last month expressing interest to takeover MCF and seeking permission to start a due diligence. U K Basu declined to offer any comments while ONGC chairman Sudhir Vasudeva, who is in Kuwait to attend an international oil and gas conference, could not be immediately reached for his comments.

Recent media reports said Zuari Industries and Chambal Chemicals & Fertilizers have evinced interest to buy Mallya's fertilizer unit. The ONGC subsidiary finds MCF a strategic fit, which is in close vicinity and the refinery by-products naphtha and fuel oil may be used as feed stock to operate the fertilizer plant.


MRPL MD U K Basu term is coming to an end in June and MRPL director technical P P Upadhya is likely to take over new MD from July. "Yes, MRPL is interested in that asset but it's too premature to comment anything at this point of time," said the source briefed about the matter, adding that we are yet to hear anything from UB group. MCF shares closed at Rs 40, valuing the firm close to Rs 500 crore. But the deal is likely to be done at a premium considering the over 200 acres land bank of the company can be used for further expansion.

"I don't think UB Group is interested in keeping this fertilizer business under its fold and it would be a good move if they sell it to MRPL because of the synergies it draws. With this sale, UB Group will get some breathing space as it struggles to keep afloat the debt laden kingfisher airlines," said investment advisor S P Tulsian.

Comments on this article
jackson, dubai,barke
Tuesday, May 08, 2012

Yenneyalli Bandidhu Airalli voitu...

R.Bhandarkar., M
Tuesday, May 08, 2012

Sure to be a 'Knock-Out' deal
one way or the other!

jamil ahmed, udupi/qatar
Tuesday, May 08, 2012

Mangalore Chemicals & Fertilizers was called a loss making company until early 1990ís, this was due to acute power shortage and labor issues. However Sri Vijay Mallya took over this company in the Year 1990 and the company re-entered the profit region. This company achieved profit for the first time during 1986 due to the relentless hard work of the then Resident Director Mr. Keshavmoorthy. I hope to wipe out ALL the losses which UB group has faced currently it may be prudent to sell MCF which is one of the wings of UB group. However a strong suggestion is to a private stake holder to MCF will be a good option instead of a public sector undertaking. MCF has grown rapidly to produce various grades of Fertilizers and Chemicals currently and it would be wise enough to continue to maintain this. Why not a multinational company be interested for MCF stake which has good infrastructure.

Vishal, Mangalore/Bangalore
Tuesday, May 08, 2012

Just yesterday, I remembered about MCF of 1980's when always there was strike. Always striking employees were in tents outside MCF. There was a union leader called Adyanthaya who was the mischief maker. Then one more fellow Lokayya Shetty in the local politics.

Once Mallya took over the management, all strikes disappeared, I think for ever. Hats off to Mallya Maam.

Dinesh Poojary, Kundapura/Bengaluru
Tuesday, May 08, 2012

Mallya should not sell MCF, It should be in the hands of our State people.

Lancelot N Tauro, Manglore - Doha Qatar
Tuesday, May 08, 2012

But we don't like to miss the King Fisher CALENDARS. Will you agree then donot delay click on agree.

ISMAIL.K.PERINJE, PERINJE-YANBU/KSA
Tuesday, May 08, 2012

Bad news for Mangaloreans.....Same time we hope to solve KINGFISHER Airlines financial crisis...Anyhow,selling Mallya's 30% stake in MCF not going to normalize KingFISHER..

Reyan, Kuwait
Tuesday, May 08, 2012

One of the best companies in Mangalore, my Dad worked there for 22 years. Thanks to MCF

Rakesh shetty, mangalore
Tuesday, May 08, 2012

BETTER HE SHOULD SELL ALL HIS KINGFISHER FLIGHT AND ALSO RCB FRANCHISE. THEN ONLY HE CAN STABLE IN LIFE. OTHERWISE HE COULD HAVE STAY IN JAIL.

 
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