Coromandel International Completes Acquisition of NACL Industries Ltd.
Mumbai: Coromandel International Limited has successfully completed the acquisition of a 53% controlling stake in NACL Industries Ltd. through a Share Purchase Agreement (SPA). This strategic move aligns with Coromandel’s long-term roadmap to enhance its presence in the agri solutions space. Following the acquisition, Natarajan Srinivasan, S Sankarasubramanian, and Raghuram Devarakonda have joined the Board of NACL Industries.
New Leadership Team
The Board of NACL Industries Ltd. has approved the appointment of Dr. Raghuram Devarakonda as Managing Director & CEO. Dr. Devarakonda brings extensive leadership experience and deep domain expertise across the value chain, having previously served as Executive Director, Crop Protection, Bio Products, and Retail businesses at Coromandel.
Future Plans
An Open Offer to acquire up to 26% additional stake from public shareholders is ongoing and will follow the prescribed regulatory timelines. fArun Alagappan, Executive Chairman of Coromandel International, expressed confidence in NACL’s growth journey under the new leadership team, stating, “We are pleased to welcome NACL Industries Ltd. into the Coromandel and the larger Murugappa family.” This acquisition is expected to drive innovation and growth in the agri solutions space.
