The move comes even as Matix has struggled with repayment issues. In an April 5 note on its website, rating agency CARE Ratings said there had been delays by Matix in repaying borrowers. It has rated the company’s debt ‘Care D’, which indicates that instruments are in default or expected to default soon. It cited non-cooperation from the borrower, and also said the company had not paid the agreed fees for carrying out the rating.
Company records show Firstland Holdings as the ultimate holding company for Matix. Firstland also invested in NuPower Renewables, which has faced allegations of impropriety in receiving capital from entities that got loans from ICICI Bank, headed by Deepak Kochhar’s wife Chanda Kochhar.
Firstland invested in convertible instruments which gave it a stake in NuPower. It had Rs3 billion in investments which it later exited in favour of DH Renewables Holding. Firstland also invested in Matix which started operations in October 2017. A December 2016 valuation report by chartered accountancy firm Nisar & Kumar, valued the company at Rs20.9 billion.
Nishant Kanodia, chairman of Matix group, is the son-in-law of Essar group Chairman Ravi Ruia.
“(Following) the acceptance of invitation for equity investment in the company by Matix Fertilisers Holdings, Mauritius (‘MHFL’)… the company (shall)…offer, issue and allot equity shares… for cash… provided that the aggregate value… shall not exceed an amount of Rs 1 billion,” show company documents dated November 17, 2017 but filed on July 5, 2018.
The filing on additional borrowings was made a few days earlier.
 "fertiliser business, fertilisers, fertiliser biz")