Adventz Group faces challenge as Zuari Agro Chemicals shuts plant

Bankers say they are worried especially after the group flagship's plans to raise Rs 400 crore via a rights issue was put off and ongoing pandemic disrupted sales and production

Till recent years, the Adventz Group, led by Saroj Kumar Poddar (pictured), was making headlines for taking over-stressed assets from other business houses, including the much-publicised acquisition of Vijay Mallya’s Mangalore Chemicals & Fertilizers.

A year later, another group firm, Texmaco Rail acquired its rival Kalindee Rail Nirman (Engineers) — making it a formidable player in the railway infra business. Poddar’s flagship Zuari Agro Chemicals (ZACL) was the toast of the town, with every banker making a beeline to Poddar’s office with M&A offers.

But the party soon ended with the group delaying its loan payments and bankers worrying over