Kolkata / Mangalore, July 15: Saroj Kumar Poddar, the soft-spoken chairman of the Kolkata-based Adventz group, is discussing an option to jointly manage the operations of Mangalore Chemicals & Fertilizers (MCF) with the UB Group head honcho Vijay Mallya to thwart attempts by Deepak Fertilisers to wrest control of the Mangalore-based fertilizer company.
“We are examining various alternatives, including managing the company jointly,” said Poddar. He met the Group chairman in London last week mainly to explore the option of joint management or a possible buyout of the fertilizer company.
The 68-year-old industrialist on Friday claimed to have the right of first refusal for Vijay Mallya’s shares in the company. “We had entered into an agreement two years ago for the same. It is a legal document and we will honor our commitment,” Poddar added.
He has engaged an internal strategy team, led by his trusted lieutenant and Zuari Agro MD Suresh Krishnan, to draw up different options to gain management control of MCF. “Acquisition of MCF by Zuari is a strategic fit as both the companies have facilities in Goa and a similar product profile,” said Poddar.