Coromandel International's Strategic Stake in NACL Industries Gets CCI Nod

The Competition Commission of India has approved Coromandel International's acquisition of a significant stake in NACL Industries, a move that enhances Coromandel’s reach in the agro-chemical sector. The acquisition involves a 53% stake in NACL for Rs 820 crore, with an additional offer to public stakeholders.

The Competition Commission of India (CCI) has granted approval to Coromandel International's ambitious proposal to acquire a notable stake in NACL Industries, an established player in the agro-chemical sector. This strategic expansion signals a significant move in the agri business landscape.

With the approval, Coromandel International, part of the Murugappa Group, will secure a majority 53% stake in NACL Industries at a deal valued at Rs 820 crore. In compliance with SEBI takeover regulations, the company also plans to extend an open offer to acquire an additional 26% from public shareholders.

This acquisition aims to boost Coromandel's scale, facilitating entry into contract manufacturing, hastening new product launches, and enhancing its comprehensive product lineup. The move further bolsters Coromandel's turnover, reported at Rs 22,290 crore for FY23-24, marking a critical growth phase for the company.

(With inputs from agencies.)