The heat is on

Deepak Fertilizers is likely to revise its open offer price in the fight for MCF

In what could possibly be the first instance of a hostile takeover in the domestic fertiliser industry, a battle has broken out for the beleaguered Vijay Mallya-owned Mangalore Chemicals & Fertilisers (MCF). Following the travails of Mallya in the wake of the spectacular collapse of Kingfisher Airlines, MCF’s rivals — the Saroj Poddar-owned Zuari Fertilizers & Chemicals and Sailesh Mehta-owned Deepak Fertilisers & Petrochemicals Corporation — built up sizeable stakes in the company, sensing an opportunity to buy it if and when Mallya chose to clear his outstanding dues on the airline.