KOLKATA : Zuari Agro Chemicals Ltd’s wholly-owned subsidiary Zuari Fertlisers and Chemicals Ltd is likely to sell the 16.43% stake it holds in Mangalore Chemicals and Fertilizers Ltd to Vijay Mallya, Chairman of the Karnataka-based company’s promoter, the UB Group. “Vijay Mallya has indicated that he would like to buy it back. We expect to finalise the deal by December,” Saroj Poddar, chairman of Zuari Agro said.
Zuari Fertlisers bought more than 19.47 mln shares of Mangalore Chemicals for more than 1 bln rupees over the last six-seven months. -Cogencis