Coromandel International Completes Acquisition of Controlling Stake in NACL Industries Ltd

Coromandel International Limited, a leading Agri solutions provider and part of the Murugappa Group, has successfully completed the acquisition of a 53% controlling stake in NACL Industries Limited, an established player in the Indian agrochemical sector. The ongoing Open Offer for acquisition of an additional 26% stake from public shareholders is in process. The Board of NACL Industries has been reconstituted with the appointment of Mr. Natarajan Srinivasan, Executive Vice Chairman of Coromandel International, as Chairman of the NACL Board of Directors and Mr. S Sankarasubramanian, Managing Director & CEO of Coromandel, as a Non-Executive Director. Dr. Raghuram Devarakonda has been appointed as Managing Director & CEO of NACL subject to necessary approvals. NACL Industries Limited is a reliable manufacturer of quality active Ingredients, intermediates and branded formulations and built sizable businesses in Domestic Retail, Institutional and Export segments. The Retail formulations business has a nation-wide distribution footprint with over 50 brands covering all major crops and product-categories such as Insecticides, Herbicides, Fungicides and Plant Growth Regulators.