MADRAS FERTILISERS Share price

Madras Fertilizers Limited (MFL) is a PSU under theadministrative control of the Department of Fertilizers (DOF)Ministry of Chemicals & Fertilizers. MFL is presently engagedin the manufacture of ammonia urea and complex fertilizers(NPK) at Manali Chennai. MFL is also engaged in manufacturingbio-fertilizers and marketing fertilizers and agrochemicalsunder the brand name `Vijay''.MFL was incorporated on Dec. 8 1966 as a joint venture betweenGOI and Amoco India Incorporated of U.S.A. (AMOCO) in accordancewith the Fertilizer Formation Agreement executed on 14.5.1966with equity contributions of 51% and 49% respectively. Inaccordance with the participation agreement between the GOIAMOCO and National Iranian Oil Company (NIOC) an undertaking ofGovernment of Iran NIOC acquired 50% of the shareholding ofAMOCO in MFL on 22.11.1972. With this acquisition shareholdingof AMOCO and NIOC were at 24.5% each with the balance 51% beingheld by GOI. Subsequently on 22.7.1985 the shareholding ofAMOCO was proportionately purchased by GOI and NIOC. As aresult GOI and NIOC shareholding was revised to 67.55% and32.45% respectively. Subsequent to the issue of rights sharesin 1994 for part-financing the project the holding of GOI andNIOC stands at 69.78% and 30.22% respectively.