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, according to a statement.
Following the 53% stake acquisition, Natarajan Srinivasan, S Sankarasubramanian and
Dr. Raghuram Devarakonda have joined the Board of NACL Industries.
In addition, the Board of NACL Industries Ltd., at its meeting held today, approved the appointment of Raghuram Devarakonda as Managing Director & CEO. 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.
“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,” said Arun Alagappan, Executive Chairman of Coromandel International.
