MRPL eyes Mallya's Mangalore Fertilizers stake

[email protected] (Times of India)
May 8, 2012

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Mumbai, May 8: Mangalore Refinery and Petrochemicals (MRPL), majority owned by state-owned ONGC, has expressed interest to acquire promoter's stake in Mangalore Chemicals & Fertilizers (MCF), said a source directly involved with the matter.

Liquor baron Vijay Mallya's UB Group holds little over 30% stake in MCF, a non-core investment that may be sold to fund its bleeding Kingfisher Airlines. MRPL managing director Uttam Kumar Basu has written a letter to Mallya last month expressing interest to takeover MCF and seeking permission to start a due diligence. U K Basu declined to offer any comments while ONGC chairman Sudhir Vasudeva, who is in Kuwait to attend an international oil and gas conference, could not be immediately reached for his comments.

Recent media reports said Zuari Industries and Chambal Chemicals & Fertilizers have evinced interest to buy Mallya's fertilizer unit. The ONGC subsidiary finds MCF a strategic fit, which is in close vicinity and the refinery by-products naphtha and fuel oil may be used as feed stock to operate the fertilizer plant.

MRPL MD U K Basu term is coming to an end in June and MRPL director technical P P Upadhya is likely to take over new MD from July. "Yes, MRPL is interested in that asset but it's too premature to comment anything at this point of time," said the source briefed about the matter, adding that we are yet to hear anything from UB group. MCF shares closed at Rs 40, valuing the firm close to Rs 500 crore. But the deal is likely to be done at a premium considering the over 200 acres land bank of the company can be used for further expansion.

"I don't think UB Group is interested in keeping this fertilizer business under its fold and it would be a good move if they sell it to MRPL because of the synergies it draws. With this sale, UB Group will get some breathing space as it struggles to keep afloat the debt laden kingfisher airlines," said investment advisor S P Tulsian.




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News Network
September 24,2024

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Mangaluru, Sept 24: A blanket of gloom descended over Dakshina Kannada and Udupi as heavy rains battered the coastal Karnataka districts on Tuesday. Substantial rainfall has been drenching the region since Monday, intensifying as the day progressed.

In Dakshina Kannada, torrential downpours began early Tuesday, followed by overcast skies and humid conditions. 

The showers persisted intermittently through the afternoon, with areas like Beltangady experiencing moderate rainfall, while Puttur and Bellare bore the brunt of heavier storms. 

Overnight showers were reported in Bantwal, and Mangaluru city, along with its surrounding rural areas, witnessed a steady increase in rainfall, peaking by the evening.

After a brief respite, the return of intense rainfall has brought a welcome drop in temperatures. In Udupi, Karkala, Udupi city, Kundapur, and Hebri taluks all faced substantial rains throughout the day, continuing from late Sunday night.

The Indian Meteorological Department (IMD) has issued a red alert for the coastal districts, predicting more heavy rainfall in the coming hours. 

A yellow alert has been placed for Wednesday, signaling the likelihood of additional downpours. Fishermen have been cautioned to remain vigilant, as the possibility of strong winds looms over the coastal waters.

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News Network
September 25,2024

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In a significant development, a special court tasked with handling cases against Members of Parliament and Members of Legislative Assemblies (MP/MLAs) has ordered that a First Information Report (FIR) be filed regarding the Muda case.

Additionally, the Karnataka Lokayukta, which is an anti-corruption body, has been tasked with investigating allegations against Siddaramaiah, who is reportedly involved in the case.

The court instructed the Lokayukta (an anti-corruption authority) to provide a report within three months. It also ordered the relevant authorities to file a First Information Report (FIR) regarding the case.

Judge Santhosh Gajanan Bhat issued the directive, compelling the Mysuru Lokayukta police to commence an investigation following a formal complaint lodged by Snehamayi Krishna. 

The Karnataka Lokayukta in Mysuru is required to carry out the investigation under Section 156 (3) of the Criminal Procedure Code, which mandates the registration of a First Information Report (FIR).

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News Network
September 17,2024

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Mangaluru: In an act of extraordinary selflessness, a young lecturer and mother, Archana Kamath, tragically passed away just days after donating a portion of her liver to a relative. She was 33.

Archana, who had devoted her career to shaping young minds as a lecturer at Canara College and most recently at Manel Srinivasa Nayak MBA College, was a loving mother to a four-year-old boy. Her sudden passing has left her family, students, and colleagues reeling in shock and grief.

The story of her untimely demise began when a relative of her husband, CA Chethan Kumar, required a life-saving liver transplant. 

With no other matching donors in sight, Archana stepped forward, her heart full of compassion. Her blood type matched, and without hesitation, she made the brave decision to donate a part of her liver—an act that would ultimately cost her life.

The surgery, performed 12 days ago in Bengaluru, seemed successful. Archana appeared to recover well and was discharged, bringing hope and relief to her loved ones. 

But just days after returning home, she suddenly fell ill and passed away on September 15 in a Mangaluru hospital. The cause of her sudden decline remains a mystery, compounding the sorrow of those who knew and loved her.

Her final act of love saved a life—the relative who received her liver is said to be recovering well. But Archana’s loss is felt deeply by her husband and their young son, who are now left to navigate a world without her warmth and strength.

As family and friends grapple with this tragic turn of events, Archana’s memory will live on in the hearts of those who knew her as a caring educator, devoted mother, and a woman whose ultimate sacrifice was made out of love.

The full story of her passing is still unfolding, and her untimely death has left an irreplaceable void in the lives of all who knew her.
 

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