Coromandel International Eyes Majority Stake in NACL Industries

Coromandel International, part of the Murugappa Group, seeks approval from the Competition Commission of India (CCI) to acquire a majority stake in NACL Industries. The deal is valued at Rs 820 crore and aims to expand Coromandel's product offerings in the agro-chemical sector, including herbicides and biostimulants.

Murugappa Group's Coromandel International is set to acquire a controlling interest in NACL Industries, seeking approval from the Competition Commission of India (CCI) for this major transaction.

Coromandel International, a leader in the agro-chemical industry, has announced its intention to purchase 53% of NACL Industries for Rs 820 crore. The move signals a strategic push to broaden its product lineup and enhance operational scale.

The acquisition includes an open offer to public shareholders for an additional 26% stake, as mandated by Sebi takeover guidelines. With overlapping business activities in agro-chemicals, both companies assure that the acquisition won't disrupt market competition.

(With inputs from agencies.)