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Coromandel International closes ₹820 cr deal to acquire 53% stake in NACL
With this transaction, Coromandel has formally acquired a controlling stake of 53 per cent in NACL. The ongoing open offer to acquire up to 26 per cent additional stake from public shareholders under the SEBI Takeover Regulations remains in process and will follow the prescribed regulatory timelines.
Following the 53 per cent stake acquisition, Natarajan Srinivasan, S Sankarasubramanian and Raghuram Devarakonda joined the Board of NACL Industries on Friday. In addition, the Board of NACL approved the appointment of Devarakonda as Managing Director and Chief Executive Officer.
He previously served as Executive Director, Crop Protection, Bio Products and Retail businesses at Coromandel, and brings with him extensive leadership experience and deep domain expertise across the value chain.
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.'
Coromandel International is among India's pioneers and leading agri solutions providers, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses, and Crop Protection. These include fertiliser, crop protection, bio products, specialty nutrients and organic businesses. The company is the second-largest manufacturer and marketer of phosphatic fertiliser in India. Its crop protection products are marketed in India as well as in international geographies, offering a wide range of technical and formulation products. The specialty nutrients business focuses on water-soluble fertiliser, secondary and micronutrients, and nano fertiliser products.
It also operates a network of around 900 rural retail outlets across Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Through these outlets, the company offers agri inputs and farming services including crop advisory, soil testing and farm mechanisation to around 3 million farmers.
The company clocked a turnover of ₹24,444 crore during FY25. Its efforts towards environmental sustainability have been recognised by international organisations such as the UNDP, and it has been voted one of the ten greenest companies in India by TERI. Coromandel is part of the ₹77,881 crore Murugappa Group.
'It is a privilege to assume responsibility as Chairman of the NACL Board of Directors at this important juncture in the company's journey. The strategic alignment with Coromandel opens up exciting opportunities to strengthen NACL's product portfolio, enhance operational excellence and scale our presence in both domestic and international markets. I look forward to working closely with the leadership team and all stakeholders to build on the company's strong foundations and accelerate its next phase of growth,' said Srinivasan, incoming Chairman of the NACL Board of Directors.
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