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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
February 24,2020

Hubli, Feb 24: Pro-Pakistan slogans were found written on the walls and doors of Higher Primary School in Budarsingi village here on Monday, said Raman Gouda Hatti, Deputy Superintendent of Police (DSP), DCRB, Dharwad.

"The headmaster of the school noticed the slogans written on the walls and doors by chalk and he informed us. We will investigate the matter based on the complaint," said DSP Hatti.

The slogans were written in the Kannada language. Those behind the incident have not been identified so far.

The villagers staged a protest demanding action against those behind the act.

Congress leader HK Patil condemned the incident and asked for culprits to be identified and punished soon.

"Anti-social elements are involved in these acts. The government has failed to identify these people and punish them. The culprits behind this act need to be identified and punished. This incident is unfortunate and the intelligence department should work to stop these kinds of incidents," said Patil.

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News Network
April 29,2020

Udupi, Apr 29: Personal Protection Equipment (PPE) kit used by the doctors to treat COVID-19 patients was found in the river at Kodangala, Alevoor Gram Panchayat limits, sources said on Wednesday.

According to them, a Panchayat office staff who noticed the PPE thrown in the river informed the Health Department about it on Tuesday and following which a police complaint was filed.

As the PPE is used only for medical treatment, police officials need to investigate who used the kit and in which hospital, who threw it in the river and the purpose of throwing it.

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coastaldigest.com news network
July 1,2020

Mangaluru, Jul 1: Sudarshan Moodbidri, president of Dakshina Kannada district unit of Bharatiya Janata Party escaped unhurt after the car in which he was travelling met with an accident today on the outskirts of the city. 

The car’s front portion was completely damaged in the accident. It is not yet known who was driving the car. Sources said that Sudarshan did not suffer any injury. 

The mishap occurred when the driver lost control while trying to avoid hitting a pedestrian at Mijar near Moodbidri. The car collided with an oncoming vehicle before it veered off the road and entered the roadside sludge.

Sleuths from Moodbidri station police visited the spot as part of investigation.

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