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| MCF aggressive on diversification |
| BS Reporter / Chennai/ Bangalore Aug 24, 2010, 00:08 IST |
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Mangalore Chemicals and Fertilisers Ltd (MCF), promoted by Vijay Mallya owned UB Group, has sought the shareholders’ approval to bring changes in the article of association of the company to enable it to enter into the business of retail and wholesale operation of agricultural goods along with agri-consultancy services.
The resolution, which will take the consent of shareholders through postal ballot, also plans to enter into agricultural input and plant protection chemicals business along with permission for production and procurement of all kinds of agricultural and farm produce.
The last date of submission of postal ballot is September 20, 2010, the company statement said.
MCF is a Rs 2,100 crore fertiliser manufacturing company with wide range of products that include urea, di-ammonium phosphate, muriate of potash, granulated fertilisers, micro-nutrients, soil conditioners and specialty fertilisers.
Earlier, the company has embarked on an agri project initiative with a twin objective of helping farmers use best growing practices and offering the consumer good quality staples and vegetables.
The present resolution, if approved by share holders, is expected to boost company’s effort in this direction.
The project is aimed at providing comprehensive services to farmers that include farm advisory, soil/water management and nutrition management, aimed at improving the yield, quality and the returns to the farmer. The company will source the staples and vegetables from the farmers at prevailing market prices and supply them to modern retailers and other bulk buyers, Vijay Mallya, chairman, UB Group had stated earlier.
The company had said that it would sell the products under the ‘Navodaya’ brand name and market them across its operational territory in the states of Karnataka, Kerala, Andhra Pradesh and Tamil Nadu.
MCF has facilities for cleaning, grading, sorting the vegetables and cold storages to store in the state and is currently selling its produce in Mangalore, Bangalore, Hubli and Davanagere.
MCF is the only manufacturer of chemical fertilisers in Karnataka with manufacturing facilities at Mangalore. The plant, which is well connected both by rail and road, supplies fertilisers to all four southern states.
The company has posted a net profit of Rs 12.54 crore in the April-June period of this fiscal, which is 64 per cent rise over the same period last year. The total income of the company rose by 21 per cent to Rs 489.93 crore during this period.
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