MCF revival may be delayed

MUMBAI, December 20: The problem with the BIFR revival package for Mangalore Chemicals amp; Fertilisers MCF 8212; the ailing UB group company 8212; seems to have worsened with the Government of Karnataka asking for a period of two months to consider a proposal made by Kribhco. If the package is found unacceptable, then state government will consider a proposal by the UB group, according to a highly placed source.

The company was referred to the BIFR owing to an eroding net worth but has not yet received an acceptable package for financial revival. The government of Karnataka will arrive at a decision on the proposal submitted by Kribhco by February 98.