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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
January 10,2020

Bengaluru, Jan 10: State’s primary and secondary education minister, S Suresh Kumar on Friday asked the Department of Public Instruction to register a complaint in the cybercrime police station against the teacher who shared a video of a child mispronouncing a Kannada word.

The viral video shows the child from a government school incorrectly pronouncing the word 'Pakkelubu' (ribcage).

The minister observed, 'It is normal for children to pronounce words incorrectly and only repetitive practise will make them say it correctly. If a video of such a mistake is made and spread on the Internet the child will see it in future and be demoralised and might start hate learning. The person who made and posted this video has committed a grave crime.

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coastaldigest.com news network
May 8,2020

Mangaluru, May 8: Dr Arathi Krishna, former deputy chairman of Karnataka NRI Forum, today called on Karnataka chief secretary Vijaya Bhaskar and urged him to exert pressure on the Centre through chief minister to expedite evacuation of Kannadigas stuck in Saudi Arabia amidst covid-19 lockdown. 

She also conveyed the message from labourers in Gulf countries requesting for free quarantine facility upon their arrival. Positively responding to the demand, Mr Bhaskar said that free quarantine facility will be arranged at BSF base in Bengaluru apart from paid quarantine facility in different hotels and guest houses.

Dr Arathi Krishna told coastaldigest.com that she also spoke to the officials in-charge of Gulf in the Ministry of External Affairs  and requested them to take necessary steps to add more special flights from Gulf countries to Karnataka. 

The officials have promised to consider operating flight from Riyadh to Mangaluru via Dammam in the second wave of evacuation, the schedule of which is expected to be announced in a few days, she said.

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coastaldigest.com news network
August 3,2020

Manjeshwar, Aug 3: In a horrific incident, a man hacked four of his relatives to death at Bayar near Kaniala Gurukumeri in Manjeshwar taluk of Kasaragod district.

According to police, Udaya (40), a resident of Sudanbala, killed three of his maternal uncles and a maternal aunt who were staying together at a house at around 7:30 p.m. today. 

The deceased have been identified as Sadashiv (54), Vittal (52), Babu (50), and maternal Revati (58).

Locals caught him and handed him over to the police after tying his hands and legs. 

A preliminary investigation revealed that a familial clash led to the gruesome murder. A police team led by Kasargod DSP Balakrishnan are investigating the matter.

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