Mumbai: Saroj Kumar Poddar-led Zuari Fertilisers and Chemicals Ltd on Wednesday hiked its stake to 13% from 10% in Vijay Mallya’s Mangalore Chemicals and Fertilisers Ltd (MCFL), six days after Deepak Fertilisers and Petrochemicals Corp. Ltd (DFPCL) acquired just under 25% in MCFL for Rs.180 crore.
Zuari Fertilisers on Wednesday bought little more than 3% through bulk deals for the open market and it is the second largest shareholder in MCFL. DFPCL is the largest shareholder at MCFL.
Analysts believe that this latest move by Poddar reiterates that his company is keen to be in the race for control of MCFL.
Kolkata-based Adventz Group, promoter of Zuari Agro Chemicals Ltd, had been keen to take over MCFL. In April, Mint had reported that Poddar, chairman of Adventz Group, was looking to take over MCFL after he acquired a 10% stake in the fertilizer company.