Mangalore Chemicals & Fertilizers Ltd to Acquire Granulated Single Super Phosphate Plant from Zuari Agro Chemicals Ltd for INR 72,75,00,000

Mangalore Chemicals & Fertilizers Ltd (MCF) has approved the acquisition of a granulated single super phosphate plant along with certain related assets situated in Mahad, Maharashtra, and the related business from Zuari Agro Chemicals Ltd (ZACL) for a lump sum consideration of INR 72,75,00,000. The acquisition is expected to boost the turnover and margins of MCF by enlarging its product basket. The acquisition is at arm’s length and does not involve any related party transactions. The target entity, ZACL, is a fertilizer company incorporated in 2009 with a history of varying turnover between INR 146 crore and INR 47.80 crore over the last three years. The acquisition is expected to be completed within three months, subject to necessary approvals. The acquisition includes the immovable and movable assets of the SSP unit at Mahad along with the brand and established market.