New Delhi: Zuari Group is set to gain representation on the board of MCFL after gaining controlling stake in the Vijay Mallya-led UB Group promoted fertiliser firm.
In May, Zuari Group had acquired an additional 36.56 per cent stake in Mangalore Chemicals and Fertilizers Ltd (MCFL) and become a majority shareholder in the firm with 53.03 per cent stake.
Zuari was competing with Deepak Fertilisers for taking control of MCFL since July 2013, but the latter withdrew from the race and has been selling shares of MCFL via the open market since December 2014. The board meeting of MCFL is scheduled to take place on Tuesday.
"Three nominees of Zuari group have been nominated for the election in the upcoming AGM -- Akshay Poddar, Kapil Mehan and myself," Zuari <g data-gr-id="20">Gloabal</g> Managing Director N Suresh
Krishnan said.
UB Group, the original promoter of Mangalore Chemicals and Fertilizers Ltd (MCFL) along with Zuari Group has successfully staved off a takeover bid by rival Deepak Fertilisers. UB Group holds nearly 22 per cent.
Ritu Mallya, step-mother of Vijay Mallya is also on the board of the company.