Image Source: Inventiva

In a significant consolidation move in India’s agrochemical landscape, the Competition Commission of India (CCI) has approved Coromandel International Ltd’s (CIL) proposed acquisition of a majority stake in NACL Industries Ltd.

This greenlight clears the path for Murugappa Group-backed Coromandel to acquire a 53 per cent equity stake in NACL Industries for Rs 820 crore, a deal originally announced in March 2025. The acquisition is expected to bolster Coromandel’s footprint in the fast-growing crop protection market, as it continues to diversify beyond its core fertiliser business.

NACL, a publicly listed player, manufactures and markets a range of crop protection products and active ingredients. With this strategic buy, Coromandel aims to deepen its capabilities in both backward integration (active ingredients) and global formulations.

The CCI, in its approval note, remarked: “The proposed combination comprises acquisition of certain equity shares in NACL Industries Ltd by Coromandel International Ltd.”

CIL currently operates in two primary segments—nutrients & allied businesses and crop protection—and has been increasingly investing in technology-led agri solutions and specialty chemicals. The NACL deal is seen as an extension of this long-term strategy.

This acquisition reflects a broader industry trend: agro-input majors are racing to secure upstream assets and IP portfolios amid global supply chain realignments and the rise of sustainable farming.