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.
The heat is on
Deepak Fertilizers is likely to revise its open offer price in the fight for MCF
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