Mangalore Chemicals & Fertilizers Ltd - MANGALORE CHEM. Share Price

Summary

Mangalore Chemicals & Fertilisers, a part of UB Group, is incorporated in 1966 as Malabar Chemical & Fertilisers Pvt Ltd, engaged in the business of manufacturing Ammonia, Urea, Di-ammonium Phosphate and Ammonium bicarbonate. The main product, urea, is marketed under the Mangala brand name. The company was originally promoted by Duggal Enterprises Pvt Ltd, International Development & Investment Company, Bahamas and the Karnataka Government. The company went public in the next year of its incorporation ie in 1967. In December 1991 it was renamed as Mangalore Chemicals & Fertilizers (MCF).The company came into the fold of UB Group in 1990, after it was selected to bail out the ailing company by the chief promoter of the company Karnataka Government in conjunction with the Institutions/Banks led by IDBI & SBI. UB Group suspended the operations of MCF due to labour unrest during 1992. Subsequently, MCF became a sick unit and was referred to the BIFR. In 1995-96, many of the concessions sought in the revival plan prepared by the UB Group including the introduction of SPIC and Emirates Trading Agency as co-promoters. This were not accepted by the Government of Karnataka, Banks, and Government of India. BIFR directed IDBI, the operating agency, to issue an advertisement calling for bids. No acceptable bid was, however, recieved and accordingly, BIFR directed the existing promoter to submit its final revival proposal. The proposal is being actively pursued by the UB Group for the... Read More