The Competition Commission of India (CCI) has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers Ltd (MCFL) with Paradeep Phosphates Ltd (PPL). MCFL, part of the Adventz group, produces and markets complex phosphatic fertilizers. Zuari Agro Chemicals Ltd holds a 54.03% stake in MCFL.
Additionally, CCI approved the acquisition of 39,206,000 equity shares of MCFL by Zuari Maroc Phosphates Pvt Ltd (ZMPPL) from Zuari Agro Chemicals Ltd (ZACL). ZMPPL is a 50:50 joint venture between ZACL and OCP SA.
PPL, also part of the Adventz group, focuses on the production and marketing of complex phosphatic fertilizers. ZMPPL holds a 56.08% equity stake in PPL, making it the majority shareholder. The approval was required as the deals surpassed the regulatory threshold set to monitor unfair business practices and promote fair competition.
In another announcement, CCI cleared the acquisition of 100% share capital of Viterra by Bunge Global SA. Post-transaction, Viterra’s main shareholders—Glencore PLC, the Canada Pension Plan Investment Board (CPP Investments), and the British Columbia Investment Management Corporation (BCI)—will receive Bunge stock and own minority stakes in Bunge.
Bunge primarily sells oilseed meals, vegetable oils, grains, and milled products, while Viterra deals with unprocessed commodity crops, oilseeds, cotton, sugar, and milled products.