Coromandel International completes NACL Share Purchase Agreement
With this transaction, Coromandel has formally acquired a controlling stake of 53% in NACL. The ongoing Open Offer to acquire up to 26% additional stake from public shareholders under the SEBI Takeover Regulations remains in process and shall follow the prescribed regulatory timelines, the company said today.
Following the 53% stake acquisition, Natarajan Srinivasan, S Sankarasubramanian andDr. Raghuram Devarakonda have joined the Board of NACL Industries today.
In addition, the Board of NACL Industries Ltd., at its meeting held today, approved the appointment of Devarakonda as Managing Director & CEO. He previously served as Executive Director, Crop Protection, Bio Products and Retail businesses at Coromandel.
Commenting on the development, Arun Alagappan, Executive Chairman of 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.'
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