Coromandel International acquires 53% stake in NACL Industries, appoints new leadership, and advances its strategic expansion in agricultural solutions.
Coromandel International Limited, one of India’s foremost agri-solutions companies and a key member of the Murugappa Group, has officially completed the acquisition of a majority stake in NACL Industries Ltd. (NACLIND). The company confirmed the successful conclusion of its Share Purchase Agreement (SPA) to acquire the promoter’s shareholding, thereby securing a controlling interest of 53% in NACL Industries.
This strategic acquisition marks a significant milestone for Coromandel in its efforts to broaden its influence in the agricultural solutions sector. While this transaction grants them immediate control of NACL, the process to acquire up to an additional 26% stake from public shareholders—under the Securities and Exchange Board of India (SEBI) Takeover Regulations—remains ongoing. The Open Offer will continue in line with the stipulated regulatory schedules.
Alongside the completion of the acquisition, changes have also been made to NACL Industries’ leadership structure. Effective immediately, three senior professionals—Mr. Natarajan Srinivasan, Mr. S Sankarasubramanian, and Dr. Raghuram Devarakonda—have been appointed to the company’s Board of Directors. These appointments aim to strengthen the governance framework and drive the company toward its next growth phase.
In a further leadership development, the Board of NACL Industries, in its meeting held today, approved the appointment of Dr. Raghuram Devarakonda as the new Managing Director & Chief Executive Officer. Dr. Devarakonda previously served as Executive Director for Crop Protection, Bio Products, and Retail businesses at Coromandel International. He brings with him a wealth of experience in the agricultural sector, having worked extensively across various segments of the value chain, from research and development to market expansion. His leadership is expected to be pivotal in steering NACL toward innovation, operational efficiency, and sustainable growth.
Expressing his thoughts on the acquisition, Mr. Arun Alagappan, Executive Chairman of Coromandel International, welcomed NACL into both the Coromandel and broader Murugappa Group family. He emphasized that the acquisition aligns perfectly with Coromandel’s long-term strategic vision of enhancing its footprint in the agri-solutions space. Mr. Alagappan also expressed confidence in the new leadership team’s ability to accelerate NACL’s innovation pipeline and growth trajectory.
With this acquisition, Coromandel not only gains a stronger market position but also integrates NACL’s expertise and product portfolio into its existing operations. The move is seen as a synergistic step that will likely open new avenues for research, product development, and market penetration, thereby benefiting farmers and the wider agricultural ecosystem in India.
As the Open Offer process moves forward and the integration takes shape, both companies are expected to collaborate closely to achieve operational synergies, strengthen customer relationships, and create long-term value for shareholders
