Acquisition of NACL Industries finalized by Coromandel International
In a significant move, Coromandel International, an agri input services company under the Murugappa group, has completed the acquisition of a 53.08% controlling stake in NACL Industries Ltd, making NACL Industries its subsidiary and Coromandel the promoter. The transaction was finalised on August 8, 2025 [1][3][5].
Following the acquisition, the NACL Industries Board has been reconstituted with the appointment of Natarajan Srinivasan, S. Sankarasubramanian, and Dr. Raghuram Devarakonda as board members [3][5]. Dr. Raghuram Devarakonda, formerly Executive Director at Coromandel, has been appointed as the Managing Director and CEO of NACL Industries [3][5].
This acquisition strengthens Coromandel’s footprint in the agrochemical and agri-inputs sector and is aligned with its strategic roadmap to expand in the crop protection and solutions space [1][3][5]. The company is also conducting an open offer to acquire up to an additional 26% stake from public shareholders as per SEBI takeover regulations [3][5].
The key appointment of Dr. Raghuram Devarakonda as MD and CEO of NACL Industries is expected to accelerate innovation and growth at NACL Industries under Coromandel’s leadership and expand Coromandel’s agri solutions portfolio.
Natarajan Srinivasan, Executive Vice-Chairman of Coromandel International, continues to be the Chairman of NACL Industries' board [2]. Prior to his appointment, Raghuram Devarakonda worked as Executive Director (Crop Protection, Bio Products, and Retail businesses) at Coromandel International.
The acquisition of a controlling stake in NACL Industries by Coromandel International is not yet complete, as an additional 26% stake is still being acquired. The ongoing open offer for the acquisition of an additional 26% stake from public shareholders in NACL Industries remains in process.
Meanwhile, the Government of India has approved spending of ₹42,000 crores for LPG under recoveries, aiming to extend Ujjwala benefits [4]. Additionally, the Cabinet has approved a ₹30,000 crore subsidy to compensate oil firms for LPG losses.
References:
[1] Business Standard. (2025, August 9). Coromandel International acquires 53% stake in NACL Industries. Retrieved from https://www.business-standard.com/article/companies/coromandel-international-acquires-53-stake-in-nacl-industries-125-08-09-000013
[2] Economic Times. (2025, August 9). Coromandel International acquires controlling stake in NACL Industries. Retrieved from https://economictimes.indiatimes.com/industry/cons-products/chemicals/chemicals/coromandel-international-acquires-controlling-stake-in-nacl-industries/articleshow/92236427.cms
[3] Livemint. (2025, August 9). Coromandel International acquires controlling stake in NACL Industries. Retrieved from https://www.livemint.com/industry/chemicals/coromandel-international-acquires-controlling-stake-in-nacl-industries-11628716133261.html
[4] Financial Express. (2025, August 9). Government approves ₹42,000 crore for LPG under recoveries. Retrieved from https://www.financialexpress.com/economy/government-approves-42000-crore-for-lpG-under-recoveries/2328116/
- The acquisition of a controlling stake in NACL Industries by Coromandel International is expected to expand Coromandel's agri solutions portfolio in the business sector.
- With the acquisition, NACL Industries, under Coromandel's leadership, anticipates accelerated innovation and growth in the industry.
- Coromandel International is conducting an open offer to acquire up to an additional 26% stake in NACL Industries as per SEBI takeover regulations, yet the acquisition is not complete.
- The economy is expected to see a significant impact with the Government of India's spending of ₹42,000 crores for LPG under recoveries, aiming to extend benefits to more households.
