Mangalore to become one of the largest integrated private sector fertiliser companies in India with a total manufacturing capacity of 3.6 Million Metric Tonnes Per Annum (MMTPA).
The Competition Commission of India on Tuesday said it has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers with Paradeep Phosphates Ltd. Mangalore Chemicals & Fertilizers Ltd (MCFL) is a company under the Adventz group and is engaged in the production and marketing of complex phosphatic fertilizers. Zuari Agro Chemicals Ltd holds 54.03 per cent stake in the company.
CCI approved the amalgamation of MCFL with Paradeep Phosphates Ltd (PPL), on a going concern basis, the regulator said in a release.
Besides, CCI approved the "proposed acquisition of 3,92,06,000 equity shares of MCFL by Zuari Maroc Phosphates Pvt Ltd (ZMPPL) from Zuari Agro Chemicals Ltd (ZACL)," the regulator added.
ZMPPL is a 50:50 joint venture between ZACL, a company belonging to the Adventz group, and OCP SA (OCP).
Paradeep Phosphates Ltd, primarily engaged in the production and marketing of complex phosphatic fertilizers. It is a company under the Adventz group and ZMPPL, with 56.08 per cent equity stake, has the majority shareholding in PPL.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Source: The Economic Times
