Deepak Fertilisers and Petrochemicals Corporation is reportedly planning to sell its stake in Mangalore Chemicals and Fertilizers (MCF). The open offer from the Saroj Poddar-promoted Zuari group has got an approval from the Securities and Exchange Board of India (SEBI). The Competition Commission of India (CCI)’s nod is pending. Deepak Fertilisers has approached Zuari to sell shares in its favour as it no longer sees any merit to pursue the battle for control of MCF.
Deepak Fertilisers and Petrochemicals Corporation is one of the leading manufacturers of industrials chemicals and fertilizers in India. The company operates in three business segments – Chemicals, Fertilizers and Realty.