Deepak Fertilisers & Petrochemicals Corporation has signed an agreement for acquisition of 49% equity stake, with management control, in the Gujarat-based Desai Fruits and Vegetables (DFV), India’s largest exporters of bananas.
The total investment in DFV is Rs 60.77 crore, which will be by way of fresh issue of equity shares to be paid for over the next 30 months. This strategic investment will lead to a dilution of the shareholding of the existing European strategic investor consortium.
The funds infusion will be utilized primarily to build infrastructure to sell high quality fresh produce in both Indian and global markets.
The company’s net profit for the quarter jumped 30.07% at Rs 53.90 crore as compared to Rs 41.44 crore for the quarter ended September 30, 2010. Total income from operation has increased by 40.51% to Rs 577.19 crore for the quarter under review from Rs 410.77 crore for the similar quarter of the previous year.
Deepak Fertilisers & Petrochemicals has over two decades of rich experience and expertise in the field of gas-based ammonia to nitric acid to AN solution / LDAN. It is the market leader in LDAN in India.
| Company Name | CMP |
|---|---|
| BASF India | 3693.20 |
| Tata Chemicals | 707.70 |
| SRF | 2474.05 |
| Pidilite Inds. | 1407.65 |
| Deepak Nitrite | 1645.15 |
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