Fertilizer maker, Coromandel International is close to buying Vijay Mallya-led UB Group's 30.4% stake in Mangalore Chemicals and Fertilisers (MCFL). Vijay Mallya is looking to exit the fertilizer business, as it was approached by fertilizer players for buying out UB Group's holding in MCFL. The UB Group's stake in MCFL is estimated to be worth about Rs 150 crore.
Coromandel, part of the Rs 17,000-crore Murugappa Group, is ahead of its competitors Zuari Industries and Chambal Fertilisers & Chemicals in acquiring the UB Group's stake in MCFL. The company is likely to make announcement in this regard in the next few weeks.
The company, last year, acquired about 70% stake in Sabero Chemicals, including 42.2% promoters' stake, for about Rs 450 crore.
Company Name | CMP |
---|---|
Coromandel Interntl. | 1250.30 |
National Fertilizers | 102.20 |
Chambal Fert & Chem | 399.70 |
RCF | 147.15 |
Paradeep Phosphates | 70.10 |
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