CCI okays amalgamation of Mangalore Chemicals with Paradeep Phosphates
Published: Jul 31, 2024
By TIOLCorplaws News Service
NEW DELHI, JULY 31, 2024: THE Competition Commission of India (CCI) has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers with Paradeep Phosphates Limited and proposed acquisition of equity shares of Mangalore Chemicals & Fertilizers Limited by Zuari Maroc Phosphates Private Limited.
Paradeep Phosphates Limited (PPL) is a company under the Adventz group of companies (Adventz group). The majority shareholding in PPL is held by ZMPPL. ZMPPL is a 50:50 joint venture between Zuari Agro Chemicals Ltd (ZACL), a company belonging to the Adventz group and OCP S.A. (OCP). PPL is primarily engaged in the production and marketing of complex phosphatic fertilizers.
Mangalore Chemicals & Fertilizers Limited (MCFL) is a company under the Adventz group. The majority shareholding (i.e. 54.03%) in MCFL is held by ZACL. MCFL is primarily engaged in the production and marketing of complex phosphatic fertilizers.
Zuari Maroc Phosphates Private Limited (ZMPPL) is a 50:50 joint venture between ZACL and OCP. ZMPPL currently holds 56.08% equity stake in PPL. ZMPPL carries out trading of fertilizers.
The Proposed Combination comprises of: (i) the proposed amalgamation of MCFL with and into PPL, on a going concern basis (Proposed Merger); and (ii) the proposed acquisition of 3,92,06,000 equity shares of MCFL by ZMPPL from ZACL (Proposed Acquisition) (the Proposed Merger and Proposed Acquisition are collectively referred to as the Proposed Combination).
