Mangalore Chemicals & Fertilisers (MCF) Chairman Vijay Mallya has declared that the company was not for sale, and has offered to buy-out Zuari Chemicals as well as that of Deepak Fertilisers’ stake.
“I respect Poddar too much to enter into a media debate about what he said or didn't say,” Mallya said. He was referring to media reports about Zuari Chemicals’ Chairman Saroj Poddar’s statement that he wants to sell his stake in MCF to the highest bidder, if Mallya does not honour his commitment of entering into a joint venture with his company.
“Sufficing to say that I have told Poddar who is a dear friend as well as Sailesh Bhai of Deepak Fertilisers that I intend to keep MCF within the UB Group fold and that we are not sellers and if either of them wish to sell their shares we would be happy to buy them. I have nothing more to say,” he added.
At present, Mallya holds 22 per cent in MCF, Deepak Fertilisers’ stake is 24 per cent and Saroj Poddar through Zuari Chemicals holds 16 per cent.
On capital and source of funds for picking up Zuari or Deepak Fertiliser’s stake, Mallya explained, “If we didn't have the means to buy we wouldn't be offering to buy the stake.”
Talking about MCF’s future plan, Mallya said the company will be shortly switching its fuel to gas by March 2014. After conversion, the company is exploring manufacturing speciality chemicals.