Deepak Fertilizers gets Competition Commission of India nod to buy additional stake in MCFL.

Competition Commission has approved Deepak Fertilizers' proposed additional stake buy in Vijay Mallya group firm Mangalore Chemicals and Fertilizers.

The approval from the fair trade watchdog also paves the way for Deepak Fertilizers to make the open offer to acquire further 26 per cent stake in Mangalore Chemicals and Fertilisers Ltd. (MCFL).

Giving its green signal, Competition Commission of India (CCI) has said the deal 'is not likely to have appreciable adverse effect on competition in India'.

Under the deal, Deepak Fertilizers' subsidiary SCM Soilfert would acquire up to 26 per cent shareholding in MCFL through an open offer in addition to 0.8 per cent stake buy through open market. MCFL is part of Vijay Mallya's UB Group.


ET