Murugappa among 7 companies interested in acquiring MCF

Murugappa among 7 companies interested in acquiring MCF

Mangalore Today News Network

Mangalore, May 8, 2012: Coromandel International, a part of the Murugappa conglomerate, is one of the corporate bodies eager to acquire Mangalore Chemicals and Fertilizers (MCF), managed by Vijay Mallya.

United Breweries Holdings, an investment company belonging to Mallya, has a 30.44 percent promoter share in MCF, long considered to be a non core asset. UB Holding, also the parent company of Kingfisher Airlines, has begun identifying potential purchasers of MCF.

Murugappa is among the seven companies that have expressed interest in purchasing MCF. The price will be determined after UB holds talks with each bidder.

According to an earlier news report, MRPL, an ONGC unit, wrote to Mallya in February expressed interest in purchasing MCF. Other interested companies are Chambal Fertilizers and Zuari Fertilizers and Chemicals.

MCF produces complex fertilizers as well as urea in its plant in Panambur and began operations in 1976.