Coromandel International Completes 53 pc stake acquisition in NACL Industries

New Delhi, Aug 8 (PTI) Coromandel International Ltd, the country's leading agri-solutions provider, said on Friday it has completed the acquisition of a 53 per cent controlling stake in NACL Industries Ltd through a share purchase agreement.

Coromandel International Ltd, a part of the Murugappa Group, is also conducting an open offer to acquire up to 26 per cent stake from public shareholders under securities market regulations, it said in a statement.

Following the acquisition, three Coromandel executives -- Natarajan Srinivasan, S Sankarasubramanian and Raghuram Devarakonda -- joined NACL's board on Friday.

NACL's board also appointed Devarakonda as managing director and chief executive officer. He previously served as executive director for crop protection, bio products and retail businesses at Coromandel.

"This acquisition aligns with our long-term strategic roadmap to enhance our presence in the agri solutions space," Executive Chairman Arun Alagappan said in the statement. PTI LUX TRB