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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 19,2020

Mangaluru, Jul 19: Two flights with 346 stranded Kannadigas from Sharjah and Dammam landed at Mangalore International Airport (MIA) on Saturday night.

MIA officials said on Sunday that the chartered flight from Dammam landed with 178 stranded people, while an Air India flight from Sharjah landed with 168 stranded passengers under the 'Vande Bharat Mission'.

All the passengers on their arrival underwent health checkup and were sent for seven days institutional quarantine. They will undergo swab tests during the quarantine period, health officials said.

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June 9,2020

Udupi, Jun 9: Karnataka Minister for Primary and Secondary School S Suresh Kumar on Tuesday ruled out the possibility of either postponing or cancelling SSLC exam in the State and it will start from June 25 as scheduled.

Replying to a question, the Minister said that Telangana and Tamil Nadu States might have cancelled the SSLC exam, but Karnataka will not follow them. "Will hold the examination from June 25 to July 4 by taking all care to protect the interests of the Children.

The SSLC exam was originally scheduled for March 27, but was postponed as lockdown was clamped following the spread of killer Coronavirus.

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News Network
May 11,2020

Bengaluru, May 11: Karnataka Chief Minister BS Yediyurappa on Monday inaugurated four buses that have been converted into COVID-19 testing facilities in Bengaluru.

State Deputy Chief Minister C N Ashwath Narayan, Karnataka Revenue Minister R Ashoka and Member of Parliament from Bengaluru South Tejasvi Surya were also present.

"The mobile fever clinic bus initiative was taken by Sanchit Gaurav, Founder and CEO of Housejoy, in association with the Government of Karnataka, the Karnataka State Road Transport Corporation (KSRTC), MP Tejaswi Surya, other partners, to increase the number of COVID tests across Bengaluru and win the fight against the virus," said KSRTC in a statement.

The bus is divided into two zones with beds and a consultation area, maintaining proper hygiene conditions.

The KSRTC said there will be four teams with four mobile bus clinics across Bengaluru - each team comprising of one doctor, three nurses and one lab technician with several volunteers facilitating the process.

The teams will be starting from red zones and will try to screen the maximum number of residents from these zones for symptoms and quarantine those who test positive.

"The testing process will start by providing free glucose, blood pressure test and COVID-19 symptoms consultation for all residents," KSRTC added.

If anyone showcases any COVID-19 symptoms, their swab will be collected immediately for testing by Biognosys Technologies (ICMR certified).

Further, the information will be provided to the government and place the person under quarantine.

"KSRTC has already initiated this mobile fever clinic buses with the association of the District Administration in Mysuru, Mandya, Tumkur, Mangaluru, Bagalkote, Hubli, Belagavi, Bengaluru and Raichur," it said.

According to the KSRTC on April 25, the cost of this clinic construction on a bus is Rs 50,000.

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