Coromandel takes 53% stake in NACL Industries
Coromandel International, part of the Murugappa Group, just picked up a 53% stake in NACL Industries. This big move is all about growing their reach in the agri-input sector.
They're also making an open offer to buy up to 26% more from public shareholders, which could give them even more say in how things run.
Board rejig and growth roadmap
With this takeover, NACL's board is getting a makeover.
Coromandel's Executive Vice-Chairman, Natarajan Srinivasan, steps in as Chairman, while their CEO S Sankarasubramanian joins as a non-Executive Director.
Raghuram Devarakonda—who led crop protection and bio products at Coromandel—will now head up NACL as Managing Director and CEO.
The goal? Align both companies for faster growth and a stronger spot in the agri-business game.