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
May 17,2020

Bengaluru, May 17: Left to itself, Karnataka will look to spring back towards normalcy under Lockdown 4.0 as the state government is on standby to resume public transport services from May 18, if the Centre allows it. 

Though KSRTC and BMTC have been preparing for resumption of services, officials in the two corporations told DH that they cannot make a move till the government makes a decision.

Transport Commissioner N Shivakumar said the department will take a decision based on the state government's orders. "The government will take a call on buses as well as taxi and other transport services," he said.

Senior officials in the state government said Deputy Chief Minister and Transport Minister Laxman Savadi has written to Union Minister for Road Transport and Highways Nitin Gadkari seeking a nod for resumption of the services. 

Transport Secretary Gaurav Gupta has written a separate letter to his counterpart in the Union government requesting permission to operate public transport. "The state government wants the services to open. The official has listed out the steps the corporations will take to ensure social distancing other steps that will be taken to check spread of Coronavirus," a source said.

The B S Yediyurappa administration has been bullish on easing lockdown restrictions. 

If the Centre empowers the states to define Lockdown 4.0, Karnataka is likely to do away with the red-orange-green zoning of districts and allow public services to resume, except in COVID-19 containment zones. The government is also likely to redefine its containment strategy by micromanaging localities where COVID-19 cases are reported, without letting life in an entire district get affected. 

The government has already shown willingness to allow hotels and gyms to open after May 17 subject to social distancing norms and restrictions. In fact, the government has proposed to allow the resumption of all economic activities in standalone establishments. The government, however, is not keen on opening malls, theatres, diners and establishments that have centralized air conditioning. 

“Everything depends on the Centre,” Deputy Chief Minister CN Ashwath Narayan said. “Our only stand is that the red zone should be treated at par with the other zone when it comes to relaxation.” 

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coastaldigest.com news network
July 18,2020

Udupi, July 18 A 15-year-old boy lost his life due to electrocution after he came in contact with a live wire last evening near his house at Laxminagar under the limits of Malpe police station in Udupi. 

The deceased has been identified as Gautham (15), son of Manjunath Naiak, a resident of Laxminagar.  

Police sources said, the electrocution occurred while he was lifting a pump set from the well at his neighbour’s house. He died on the spot. 

A case has been registered at Malpe Police Station and investigation is on.

Gautham had recently appeared for SSLC examinations.

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News Network
March 4,2020

Bengaluru, Mar 4: CM BS Yediyurappa may reconsider plans to hike taxes and curtail populist schemes in his budget on Thursday as the Centre released part of GST compensation it owes the state. Officials said the Centre released the first instalment of the bimonthly compensation for October-November amounting to Rs 2,013 crore.

"This is welcome relief as the government has been scrambling to mobilise funds," said BT Manohar, member of GST consultative committee, government of Karnataka. The second instalment of Rs 1,523 crore is also expected to be released soon.

The CM, in his seventh budget, is expected keep the focus firmly on farmers and give top priority to irrigation, agriculture and welfare schemes.

The irrigation sector is expected to land the lion's share with an allocation of at least Rs 25,000 crore, followed by agriculture. Former CM Kumaraswamy had allocated over Rs 17,000 crore for water resources.

The bulk of funds is likely to go to the Upper Krishna (UKP) and Upper Bhadra projects, as it will help backward Kalyana Karnataka and central Karnataka regions. The two are also significant political blocs. The government will also seek assistance from the Centre for the UKP project in the erstwhile Hyderabad-Karnataka region, which enjoys special status under the Constitution owing to its backwardness. P4

Yediyurappa is also expected to spell out populist schemes for the poor.

Former CM HD Kumaraswamy had allocated Rs 17,212 crore in the previous budget for water resources and Yediyurappa is likely to go well beyond that figure. "Priority will be given to irrigation and farmers," Yediyurappa had said recently. "I am making efforts to present a budget within the financial constraints."

he amounts are released once every two months, but the Centre had fallen behind on payments. PX

"There are indications that another payment will be made."

The state's optimism stems from the fact that the Centre's GST collection crossed the Rs 1 lakh crore-mark for four successive months till February.

However, the CM could still hike tax rates marginally. At a pre-budget meet on resource mobilisation where Yediyurappa is learnt to have expressed willingness to borrow funds, officials from the finance department advocated raising tax rates instead.

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