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Mangalore Chemicals and Fertilisers Ltd's Takeover Battle Hits Roadblock-Business Standard


Monday, 23 Sep 2013 02:11am EDT 

Business Standard reported that Mangalore Chemicals and Fertilisers Ltd takeover bid has hit a road block as Vijay Mallya seems to have changed his mind over divesting his controlling stake. This has irked his Saroj Poddar, who has over 16% stake in the company and had full intention to acquire majority stake in the Company. Another suitor from Pune, Deepak Fertilisers, too is miffed with Mallya as several meetings with the liquor baron have not taken things forward. In an interaction with Business Standard, Poddar had said that he was confident the deal would reach a final conclusion within first week of September but as things look at present, non of the trio engaged in the takeover battle have been able to arrive at any solution. 

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