New Delhi: UB Group-promoted MCFL on Wednesday said N Suresh Krishnan, who was working with Zuari group, has assumed office as managing director of the company with effect from January 1.For latest news on Business & Budget 2017, like us on Facebook and follow us on Twitter.
Mr Krishnan, a chemical engineer, has been working with Zuari group since 1986 and has replaced Deepak Anand, who stepped down and continues to be non-executive director of the firm.
"N Suresh Krishnan has assumed office of Managing Director of the company with effect from January 01, 2016," the company said in a regulatory filing.
In May, Saroj Poddar-led Zuari Group had acquired an additional 36.56 per cent stake in MCFL and become a majority shareholder in the firm with a 53.03 per cent stake.
After acquiring a controlling stake in MCFL, Zuari group got representation on its board also and Akshay Poddar, Kapil Mehan and N Suresh Krishna were appointed as directors.
Thereafter, in a major reshuffle in October, MCFL had appointed Arun Duggal as its chairman and Mr Krishnan as managing director effective from January 1.
Zuari was competing with Deepak Fertilisers for taking control of MCFL since July 2013, but the latter withdrew from the race and has been selling shares of MCFL via open market since December 2014.
Zuari group alongwith Vijay Mallya-led UB group had successfully staved off a takeover bid by rival Deepak Fertilisers. UB group holds nearly 22 per cent stake in MCFL.
As per the shareholding pattern on BSE, both Zuari group and UB group are on the list of promoters.
Together, they have a 75 per cent stake in MCFL.
MCFL has a plant near Mangalore Port with an annual capacity to produce about four lakh tonnes of urea and about three lakh tonnes of phosphatic fertilisers. Zuari has a fertiliser plant in Goa.