Deepak Fertiliser sells stake in MCFL to Zuari Group
Deepak Fertiliser has offloaded 1.21 per cent stake in the company to Zuari Group for Rs 58.02 crore.
With the sale of these shares, the Pune-based company has reduced its stake in Mangalore Chemicals and Fertilisers Ltd (MCFL) to 5.22 per cent from 31.25 per cent in December last year.
In a filing to the BSE, MCFL said Deepak Fertilisers’ arm SCM Solifert has tendered MCFL’s 14,40,097 shares in an open offer made by Zuari Fertilisers and Chemicals Ltd.
It also said that shares representing 1.21 per cent in MCFL have been sold for Rs 58.02 crore.
Deepak Fertilisers was competing with the Kolkata-based industrialist Saroj Poddar-led Zuari Group for taking control of MCFL, since July 2013. In the process, it had acquired over 31 per cent stake in MCFL.
However, Deepak Fertilisers, in a surprise move, started selling the shares of MCFL from December last year, signalling its exit from the UB Group firm.
Meanwhile, Zuari Group had launched its open offer on April 20 to acquire additional 36.56 per cent stake in MCFL for nearly Rs 400 crore.
Earlier this week, Zuari group had informed that it has acquired additional 36.56 per cent stake through open offer and has become a majority shareholder of MCFL with a total stake of 53.03 per cent.
Zuari had 16.47 per cent stake in MCFL as on March 31, 2015, while the promoter UB group has 21.97 per cent stake in the fertiliser firm.
Top Indian metal firms bag Platts Global Metals Awards
Hindustan Zinc, JSW Steel, NMDC Ltd and International Coal Venture Pvt Ltd were among the four Indian companies that bagged titles at this year’s Platts Global Metals Awards.
Platts is a global energy, metals and commodities information provider. The ceremony of the third annual Platts Global Metals Awards was held in London.
The award recognises exemplary performance in a dozen categories across the steel, metals and mining complex.
Platts noted in a statement that companies were thinking outside the box and taking measures to move up and down stream in search of competitive edge and improved financial performance.
The International Coal Venture bagged the Deal of The Year award, and impressed the independent judging panel for its acquisition of an operating coking coal mine and greenfield coal assets in Mozambique from Rio Tinto, completed in October 2014, for approximately $50 million.
Rio Tinto had acquired the assets from Australia’s Riversdale Mining in 2011 for approximately $4 billion, but ongoing logistical difficulties coupled with the plummeting price of coal caused it to reassess, according to the statement.
ICVL gets accolades
The judges applauded ICVL for the $4 billion to $50 million flip, “picking up a valuable asset at a low cost” in one of the most promising coking coal regions in the world.
From major bank trading arm spin offs to sizeable steel company consolidations, to copper and aluminium divestitures of standalone assets or minority shares, the metals industry saw a rebound in merger and acquisition activity in 2014.
The activity showed a trend toward companies consolidating assets in their core business or letting more nimble competitors or new investors help with weaker performers.
The Deal of The Year award aims to reflect the changing landscape conceived by these global transactions, investments, alliances or partnerships.
The award recognises the significance and success of new project completions, asset buyouts, joint ventures, strategic company alliances or full company mergers or acquisitions in an era of uncertain markets and global interdependence.
Awards for JSW, Hind Zinc
JSW Steel, India’s largest exporter of coated products with a presence in over 100 countries, bagged the Industry Leadership Award for Steel.
The firm was recognised by the panel of judges for its agility in challenging times and for its market appropriate strategy of combining value, volume and innovation.
While Hindustan Zinc, which belongs to the Vedanta Group of companies, won the Industry Leadership Award for Base Metals award, NMDC – India’s largest iron ore miner and one of the lowest cost producers in the world – bagged the Industry Leadership Award for Raw Materials and Mining.
Manoj Mishra appointed as CMD of National Fertilizers
|Government has appointed Manoj Mishra as Chairman and Managing Director of state-run National Fertilizers Ltd (NFL).Mishra, currently posted as Director Finance at State Trading Corporation (STC), is likely to assume the charge of CMD of the fertiliser firm this week.”Fertiliser Ministry has issued orders for appointment of Manoj Mishra as CMD of the NFL,” a source said.
In September last year, government headhunters Public Enterprises Selection Board (PESB) had recommended Mishra’s name for the top post at NFL.
NFL’s CMD post fell vacant after the retirement of Neeru Abrol in February 2014.
NFL has five gas-based urea plants viz Nangal & Bathinda in Punjab, Panipat in Haryana and two plants at Vijaipur in District Guna, Madhya Pradesh.
Cargo movement between India & Bangladesh by sea instead of roadThe movement of cargo from the Benapole border in West Bengal to Bangladesh is now undertaken by the dedicated sea route between the two countries instead of road, it is learnt.
The Bangladesh-registered vessel M. V. Rodella, of the Prantik Bix Service and operated by Seaways Shipping& Logistics Ltd and Prantik Marine Singapore, has carried sponge iron.
Traditionally, sponge iron on this route has been transported by road through the border.
The vessel can carry high-value and oversize cargoes such as agri products, chemicals, projects, etc.
The ship can also accept consolidation of small parcels and deliver as LCL. The multi-purpose design of the vessel helps in accepting all types of cargoes, a release said.
This post was written by Atlantic Admin