Coromandel International confirmed the final arrangements to purchase the majority of NACL Industries (NACL) had been signed
An Indian participant in crop protection, NACL sells technicals to important parts of the world, has a significant branded formulation business in home markets, and participates in contract production with multinational agrochemical businesses.
In exchange for Rs 820 crore at a price of Rs 76.7 per share, Coromandel plans to purchase a 53 per cent stake in NACL Industries from the current promoter, KLR Products. In accordance with the SEBI Takeover Regulations, Coromandel also plans to launch an open offer to the general public to purchase up to 26 per cent of the company’s equity share capital. The proposed deal is anticipated to be completed in the upcoming months, pending regulatory approvals.
presence in the domestic formulation market, the proposed acquisition will establish Coromandel as one of the top companies in the Indian crop protection sector. Additionally, this will help Coromandel grow its business, enter the contract manufacturing market more quickly, commercialize new products more quickly, and broaden its product line.
In addition to having a centralized R&D facility close to Hyderabad, NACL Industries runs technical and formulation factories in Andhra Pradesh. Additionally, NACL’s subsidiary has made an investment in a technical facility in Dahej that can produce active ingredients. It has been providing contract manufacturing services for more than 20 years and has formed strong alliances with important international players. With a presence throughout India, the company has a significant brand presence in the local formulations market.
