Vijay Mallya's long time business associate comes on board at MCF

Srinivasulu Reddy Magunta is the Chairman of Balaji Group of Industries based in Chennai

Vijay Mallya, the chairman of UB Group, is proposing to bring one of his long time business associates - Srinivasulu Reddy Magunta, as an independent director on the Board of UB Group owned Mangalore Chemicals & Fertilisers (MCF). Magunta is the Chairman of Balaji Group of Industries based in Chennai and his group straddles in steel manufacturing, distilleries, entertainment, packaging, spirits, real estate, services and energy. He was also a Lok Sabha MP from 1998-2014.

Magunta comes on Board at MCF, which is in the midst of a takeover battle between Pune-based Deepak Fertilisers and UB Group- Zuari Fertilisers combine. Magunta has been proposed to inducted to the Board in the casual vacancy caused by demise of N Sunder Rajan. MCF has said that they have to constitute a committee of independent directors to provide reasoned recommendations on the competing open offers and publish the same.

 

While Balaji Distillers has been one of the long time associates of United Breweries as well as United Spirits, it is understood that Magunta had lent towards UB Group's now grounded Kingfisher Airlines as well. The Balaji Group has also recently acquired United Spirits' assets in Tamil Nadu when USL exited its direct presence there.