The Competition Commission of India (CCI) has given its approval for the proposed amalgamation of Mangalore Chemicals & Fertilizers Limited (MCFL) with Paradeep Phosphates Limited (PPL) and the acquisition of equity shares of MCFL by Zuari Maroc Phosphates Private Limited (ZMPPL).
- Paradeep Phosphates Limited (PPL): Part of the Adventz group, PPL primarily produces and markets complex phosphatic fertilizers. It is majorly owned by ZMPPL, a 50:50 joint venture between Zuari Agro Chemicals Ltd (ZACL) and OCP S.A. (OCP).
- Mangalore Chemicals & Fertilizers Limited (MCFL): Also part of the Adventz group, MCFL produces and markets complex phosphatic fertilizers. ZACL holds a majority share of 54.03% in MCFL.
- Zuari Maroc Phosphates Private Limited (ZMPPL): A 50:50 joint venture between ZACL and OCP, ZMPPL currently holds a 56.08% equity stake in PPL and is involved in fertilizer trading.
- Amalgamation: The proposed merger will see MCFL amalgamated with PPL, combining their operations on a going concern basis.
- Acquisition: ZMPPL will acquire 3,92,06,000 equity shares of MCFL from ZACL.
This strategic move, approved by the CCI, will streamline operations within the Adventz group, enhancing their production and marketing capabilities in the fertilizer sector.
