The Adventz Group, a diversified business run by Saroj Poddar, is considering a plan to sell Mangalore Chemicals to Chambal Fertilizers in an effort to restructure its corporate structure.
Poddar owns a 54 percent share in Mangalore Chemicals through the publicly traded business Zuari Agro Chemicals, which he purchased from Vijay Mallya’s UB Group in 2015 following a takeover conflict with Deepak Fertilizers. The share is worth 785 crore rupees.
If the agreement with Chambal is completed, it will help Zuari reduce its debt load and give the buyer access to the southern market. To be explicit, the pledge represents around 46% of Mangalore Chemicals’ stock, or approximately 85% of Zuari’s total holding in the company.
