In a large deal brewing in the chemicals & fertilisers sector, Saroj Poddar-led group is looking at reorganisation of its assets within the promoter group.
Sources with direct knowledge share that Zuari Agro Chemicals, parent of Mangalore Chemicals, is in talks with Chambal Fertilisers to sell its stake in subsidiary Mangalore Chemicals.
Sources with direct knowledge of the deal say, “This is a group reorganisation as the promoter is same even though they are separately listed companies.”
Zuari Agro had bought Mangalore Chemicals in 2015 and is now looking to sell shares and majority control to raise funds to repay debt, sources suggest to Moneycontrol.
Zuari Agro currently owns 54% stake in Mangalore Chemicals. Kolkata-based, Saroj Poddar is at the helm of the promoter group which owns Zuari Agro, Chambal Fertilisers and Mangalore Chemicals.
Moneycontrol reached out to all the listed companies involved in the transaction but did not receive any official comment from the group.
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