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MRPL eyes Mallya's Mangalore Fertilizers stake

[email protected] (Times of India)
May 8, 2012

mcfMumbai, May 8: 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.




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News Network
July 12,2020

Bengaluru, Jul 12: Karnataka on Sunday registered 71 COVID-19 deaths, its highest single day count, and 2,627 fresh cases, pushing the tally of infections in the state to 38,843, the health department said.

The total positive cases include 22,746 active cases and 15,409 discharges, the department said in its daily bulletin.

The total active cases include 532 people admitted in the ICUs across the state.

Of the 71 fatalities, a record 45 were reported in Bengaluru alone including the death of 16 day-old baby girl and 17-year-old girl with chronic kidney disease, taking the total mortalities in the city to 274.

Among the districts, where new cases were reported, Bengaluru urban accounted for 1,525 cases, followed by Dakshina Kannada with 196, Dharwad 129, Yadagiri 120, and 19 in Bengaluru Rural.

Since the outbreak of the pandemic, 8.39 lakh samples have been tested including 20,050 on Sunday alone, of which 7.80 lakh tested negative.

Other than Bengaluru, five fatalities were reported in Dakshina Kannada, three each in Mysuru, Hassan, Davangere and Belagavi, two each in Haveri and Bagalkote and one each in Dharwad, Koppal, Tumakuru, Vijayapura and Chamarajanagar.

While majority of those who died of coronavirus suffered from Severe Acute Respiratory Illness and Influenza Like Illness, significantly 21 victims did not have any pre-medical conditions while eight were the asymptomatic patients with pre-medical conditions.

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News Network
August 8,2020

Bengaluru, Aug 8: Karnataka government on Friday issued revised guidelines for international returnees.

According to the guidelines, all the travelers shall submit self-declaration form on the Yatri Karnataka online portal at least 72 hours before the scheduled date of travel.

"All travelers shall submit Self-declaration forrn on the Yatri Karnataka online portal (http://www,covidwar.karnataka.gov.in or http://parihara.kaarnateka.gov.in/service38/) least 72 hours before the scheduled date of travel," it read.

It said that Before Boarding Do's and Don, about COV1D-19 quarantine, testing, etc. shall be provided along with ticket to the travellers by the travel agencies concerned.

All passengers shall download Arogya Setu app, Quarantine watch app end Apthamitra App on their mobile devices, (https://covid-19.karnataka.gov.in/new-page/softwares/en).

At the time of boarding the flight/ ship, only asymptomatic travellers shall be allowed in board after thermal screening.

"Deboarding should be done by ensuring physical distancing of two meters. 

Self-declaration form shall be obtained from each passenger in duplicate," the guidelines read.

Karnataka has 75,076 active cases of the virus with 80,281 recovered and 2,897 deaths so far. 

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News Network
July 31,2020

Bengaluru, Jul 31: BJP leader CP Yogeshwar has slammed Yediyurappa supporters and said the JDS leader HD Kumaraswamy is supporting BJP.

Speaking to the reporters, Yogeshwar said, "Congress president DK Shivakumar and Janata Dal (Secular) leader and former CM HD Kumaraswamy, both are Yediyurappa supporters."

"His words seem to support the BJP. All that Kumaraswamy had said, during our government's rule, are happening including the officers they mentioned are being transferred. He has come forward to support BJP from the back door," Yogeshwar.

While reacting to allegations made by CP Yogeshwar, Karnataka Pradesh Congress Committee president DK Shivakumar has said that earlier Yogeshwar requested for State Legislative Council (MLC) member ticket and now such people are blaming me without any evidence. This shows his dishonesty to his party and the kind of person he is." 

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