Coromandel International Expands Control with NACL Industries Acquisition

Coromandel International Ltd, a leading agri-solutions provider in India, has successfully completed the acquisition of a 53% controlling stake in NACL Industries Ltd. The acquisition was finalized through a share purchase agreement, marking a significant expansion in Coromandel's operational portfolio.

The company, which is a part of the Murugappa Group, is also conducting an open offer to acquire up to an additional 26% stake from public shareholders, in accordance with regulations set forth in the securities market. This strategic move indicates Coromandel's commitment to strengthening its foothold in the agri solutions domain.

Following the acquisition, three executives from Coromandel—Natarajan Srinivasan, S Sankarasubramanian, and Raghuram Devarakonda—have joined the board of NACL Industries. Raghuram Devarakonda has been appointed as managing director and CEO, a position he is well-prepared for due to his previous role as executive director for Coromandel's crop protection and bio products divisions. Executive Chairman Arun Alagappan expressed that the acquisition is a strategic alignment with the company's long-term goals.

(With inputs from agencies.)