Coromandel acquires 53% stake in NACL

Hyderabad: Agri solutions provider Coromandel International Limited wrapped up the acquisition of a 53% controlling stake in Hyderabad-based agrochemicals player NACL Industries Ltd for a consideration of 820 crore. With this, NACL has now become a subsidiary of the 24,500 crore Coromandel International, which is a part of the Murugappa Group. Post the completion of the acquisition, Coromandel is now acquiring an additional 26% stake in NACL from the public via an open offer as per the existing Sebi norms, the Secunderabad-based company said on Friday.Coromandel International executive chairman Arun Alagappan said the acquisition aligns with the company's long-term strategic roadmap to enhance its presence in the agri solutions space. Following the acquisition of 53% stake, Coromandel said Natarajan Srinivasan, S Sankarasubramanian, and Dr Raghuram Devarakonda have joined the board of NACL Industries. At its meeting on Friday, the NACL board also approved the appointment of Dr Devarakonda, a senior Coromandel International executive, as managing director & CEO. Set up in 1993, NACL is an integrated agrochemicals player that manufactures active ingredients, intermediates, and branded formulations for insecticides, herbicides, fungicides, and plant growth regulators.