Coromandel International Limited, an agri-solutions provider and part of the Murugappa Group, successfully closed its Share Purchase Agreement (SPA) to acquire the promoter shareholding in NACL Industries Ltd. (NACLIND). With this milestone, Coromandel now holds a controlling 53% stake in NACL. The Open offer to acquire up to an additional 26% from public shareholders remains underway and will proceed in accordance with SEBI Takeover Regulations and prescribed timelines.
Leadership Changes at NACL Industries
As per the press release, Natarajan Srinivasan, S Sankarasubramanian, and Dr. Raghuram Devarakonda have joined the Board of NACL Industries. The Board appointed Dr. Raghuram Devarakonda as Managing Director and CEO. Dr. Devarakonda previously served as executive director for crop protection, bio products, and retail at Coromandel, bringing extensive leadership experience and deep expertise across the agricultural value chain.
Strategic Fit for Long-Term Growth
Arun Alagappan, Executive Chairman, Coromandel International, said, “We are pleased to welcome NACL Industries Ltd. into the Coromandel and the larger Murugappa family. This acquisition aligns with our long-term strategic roadmap to enhance our presence in the agri solutions space. With the new leadership team in place, we are confident that NACL will accelerate its journey of innovation and growth.”
