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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News Network
December 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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