Deepak Fertilisers, Zuari raise bids as race for Mangalore Chemicals hots up

September 27, 2014

Mangalore, Sep 27: In an intense battle for a controlling stake in Mangalore Chemicals and Fertilizers (MCF), both Zuari Group and Deepak Fertilisers have revised their open offer price upwards to buy out the additional 26% in the company.

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Significantly, the revised price by Sailesh Mehta-run Deepak Fertilisers is overwhelmingly higher than that by Saroj Poddar's Zuari Fertilisers and Chemicals (ZFC), and the price difference is likely to help Mehta lead the epic race.

While Deepak Fertilisers has revised its final offer from Rs 63 per share to Rs 93.60, Poddar, who had teamed up with UB Group chairman Vijay Mallya, raised the offer price to Rs 81.60 from Rs 68.55. Market analysts feel Deepak Fertilisers has the edge as its offer price is Rs 12 higher than that by the Zuari-UB combine.

Interestingly, if Deepak Fertilisers' offer becomes successful, the Mallya-led UB group would lose control over MCF.

Buoyed by the revised offers, the MCF stock closed at Rs 88.10 on the Bombay Stock Exchange on Friday, nearly 20% higher than the previous day's close.

Mehta-led Deepak Fertilisers holds 25.31% in MCFL, Poddar's ZFC holds 16.43% and the promoter UB group has a shareholding of 22.91%.

Commenting on the price revision, Deepak Fertilisers and Petrochemicals president and CFO Somnath Patil said, œOur average purchase price of MCF shares works out to Rs 78 per share. We feel that this is a fair representation of the value of MCF, considering its synergies with our business in terms of product portfolio and geographic spread, its infrastructure facilities and the potential for further growth. We see value creation opportunities over the medium to long term. 

Poddar could not be contacted for comments.

The Competition Commission of India (CCI) had earlier cleared the open offer launched by both Zuari Group firms and Deepak Fertilisers. The open offer will start on October 1 and close on October 17. The last date for an upward revision in the price or size was September 25.

ZFC is a wholly-owned subsidiary of Zuari Agro Chemicals. According to the agreement between Zuari and UB groups, ZFC would be funding the takeover bid. If their bid for shares succeeds, it will cost more than Rs 251 crore while for Deepak Fertilisers it would be above Rs 288 crore.

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December 2,2025

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Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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News Network
December 7,2025

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Mangaluru, Dec 7: A rare bamboo shrimp has been rediscovered on mainland India more than 70 years after it was last reported, confirming for the first time the presence of Atyopsis spinipes in the country. The find was made by researchers from the Centre for Climate Change Studies at Sathyabama Institute of Science and Technology, Chennai, during surveys in Karnataka and Odisha.

The team — shrimp expert Dr S Prakash, PhD scholar K Kunjulakshmi, and Mangaluru-based researcher Maclean Antony Santos — combined field surveys, ecological assessments and DNA analysis to identify the elusive species. Their findings, published in Zootaxa, resolve decades of taxonomic confusion stemming from a 1951 report that misidentified the species as Atyopsis moluccensis without strong evidence.

The shrimp has now been confirmed at two locations: the Mulki–Pavanje estuary near Mangaluru and the Kuakhai River in Bhubaneswar. Historical specimens from the Andaman Islands, previously labelled as A. moluccensis, were also found to be misidentified and actually belong to A. spinipes.

The rediscovery began after an aquarium hobbyist in Odisha spotted a shrimp in 2022, prompting systematic surveys across Udupi, Karwar and Mangaluru. Four female specimens were collected in Mulki and one in Odisha, all genetically matching.

Researchers warn the species may exist in very small, vulnerable populations as freshwater habitats face increasing pressure from pollution, sand mining and infrastructure development. All verified specimens have been deposited with the Zoological Survey of India for future reference.

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December 2,2025

Puttur: The long-cherished dream of a government medical college in Puttur has moved a decisive step closer to reality, with the Karnataka State Finance Department granting its official approval for the construction of a new 300-bed hospital.

Puttur MLA Ashok Kumar Rai announced the crucial development to reporters on Monday, confirming that the official communication from the finance department was issued on November 27. This 300-bed facility is intended to be the cornerstone for the establishment of the government medical college, a project announced in the state budget.

Fast-Track Implementation

The MLA outlined an aggressive timeline for the project:

•    A Detailed Project Report (DPR) for the hospital is expected to be ready within 45 days.

•    The tender process for the construction will be completed within two months.

Following the completion of the tender process, Chief Minister Siddaramaiah is scheduled to lay the foundation stone for the project.

"Setting up a medical college in Puttur is a historical decision by the Congress government in Karnataka," Rai stated. The project has an estimated budget allocation of Rs 1,000 crore for the medical college.

Focus on Medical Education Department

The MLA highlighted a key strategic move: requesting the government to implement the hospital construction through the Medical Education Department instead of the Health and Family Welfare Department. This is intended to streamline the entire process of establishing the full medical college, ensuring the facilities—including labs, operation theatres, and other necessary infrastructure—adhere to the strict guidelines set by the Medical Council of India (MCI). The proposed site for the project is in Bannur.

Rai also took the opportunity to address political criticism, stating that the government has fulfilled its promise despite "apprehensions" and "mocking and criticising" from opposition parties who had failed to take similar initiatives when they were in power. "Chief Minister Siddaramaiah has kept his word," he added.

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