Deepak Fertiliser has offloaded its 1.21 per cent stake in Mangalore Chemicals and Fertilisers (MCFL) to Zuari Group for Rs 58.02 crore. Following the stake sale, the Pune-based company has reduced its stake in MCFL to 5.22 per cent from 31.25 per cent in December last year.
Deepak Fertilisers was competing with Kolkata-based industrialist Saroj Poddar-led Zuari Group for taking control of MCFL, since July 2013. In the process, it acquired over 31 per cent stake in MCFL. However, Deepak Fertilisers, in a surprise move, started selling shares of MCFL from December last year, signalling its exit from the UB Group firm.
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.
