Reliance Industries To Buy Stake In Kingfisher Airlines
by Charmi Gutka
Reliance Industries is planning to acquire stake in debt-ridden Kingfisher Airlines Limited.
If the deal goes through Reliance would also get Mangalore Chemicals and Fertilizers Ltd, in which the UB group has a 30.44%.
Mangalore Chemicals is a fertilizer manufacturing company. It manufactures wide range of products that includes Urea, Di-Ammonium Phosphate, Muriate of Potash, Granulated Fertilizers, Micronutrients, Soil Conditioners and Specialty Fertilizers.
SAIF Partners, one of the early backers of BSE listed local search directory, Just Dial has sold close to 2.4% stake in the company for a total of INR254 Cr. The part exit fetches the fund, a 30x returns on its seven year old investment.