CCI Greenlights Mega Mergers in Fertilizers and Agro Commodities Sectors

The Competition Commission of India (CCI) has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers with Paradeep Phosphates Ltd. The regulator also cleared the acquisition of MCFL shares by Zuari Maroc Phosphates and the 100% acquisition of Viterra by Bunge Global SA.

The Competition Commission of India (CCI) on Tuesday announced its approval for the proposed amalgamation of Mangalore Chemicals & Fertilizers Ltd (MCFL) with Paradeep Phosphates Ltd (PPL).

MCFL, under the Adventz group and majority-owned by Zuari Agro Chemicals Ltd, is known for its complex phosphatic fertilizers. The proposed merger is seen as a strategic move to streamline operations under the banner of Paradeep Phosphates.

In a related move, CCI also greenlit the acquisition of a significant equity stake in MCFL by Zuari Maroc Phosphates Pvt Ltd from Zuari Agro Chemicals Ltd. This move underscores the ongoing consolidation in India's fertilizer industry.

Additionally, the fair trade regulator approved the acquisition of Viterra Ltd by Bunge Global SA, further consolidating the agro commodities sectors. Post-merger, major shareholders of Viterra, including Glencore PLC and CPP Investments, will obtain minority stakes in Bunge.

(With inputs from agencies.)