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Reports: Deepak Fertilisers to increase stake in Mangalore Chemicals and Fertilizers

4:42 AM MST | January 7, 2014 | Francinia Protti-Alvarez

Zuari Fertilizers & Chemicals (Zuarinagar, India), a wholly owned subsidiary of Zuari Agro Chemicals (Zuarinagar), plans to divest its entire 16.43% stake in Mangalore Chemicals and Fertilizers Ltd. (MCF; Bangalore) to Deepak Fertilisers and Petrochemicals (Pune, India), according to Indian media reports. Deepak Fertilisers acquired a 24.5% stake in MCF for 1.79 billion Indian rupees ($28.7 million) in July last year, as reported by CW. Zuari Fertilizers increased its MCF stake from 10% to 16.43% at about the same time. Zuari Fertilizers acquired the stake at...

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