Coromandel International Limited, a leading agricultural solutions provider under the Murugappa Group, has successfully completed the acquisition of a 53% ownership stake in NACL Industries Ltd, securing a controlling interest in the company. This follows the execution and closure of the Share Purchase Agreement with the previous promoters.
In line with regulatory procedures under SEBI’s Takeover Code, the ongoing public offer to acquire up to an additional 26% shareholding from public investors is currently in progress and will continue as per the established timeline. With this acquisition, Coromandel has nominated three new directors to NACL’s Board: Natarajan Srinivasan, S Sankarasubramanian, and Dr Raghuram Devarakonda.
The Board has also named Dr Devarakonda as the new Managing Director and Chief Executive Officer. He previously led the Crop Protection, Bio Products, and Retail divisions at Coromandel and brings in-depth experience across various segments of the agricultural sector.
Coromandel International is one of India’s foremost agriculture-focused companies, operating across multiple categories including fertilizers, crop protection, specialty nutrients, organic solutions, and biological products. It is the second-largest producer and distributor of phosphatic fertilizers in India. The company serves domestic and international markets with its extensive portfolio of crop care solutions and value-added nutrients like water-soluble fertilizers and micronutrients, including innovative nano formulations.
The company also has a strong presence in organic fertilizers and plant-based bio products. Its rural retail footprint spans more than 900 outlets across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, supporting approximately 3 million farmers with agricultural inputs, soil testing, mechanization services, and expert advice.
Coromandel operates 18 manufacturing plants throughout the country and is supported by seven dedicated research and development centers, with a strong focus on innovation, regulatory compliance, and product development.
Founded over 120 years ago, the Murugappa Group is a diversified business conglomerate with a turnover of ₹77,881 crore (INR 778 billion). The group is active in multiple sectors including agriculture, engineering, financial services, and beyond. Its listed entities include Carborundum Universal, CG Power & Industrial Solutions, Cholamandalam Investment & Finance, Coromandel International, EID Parry, Shanthi Gears, Tube Investments of India, Wendt India, and Cholamandalam Financial Holdings.
The group also owns a portfolio of iconic brands such as Ajax, Hercules, BSA, Montra, Parry’s, Gromor, and Chola. Its products and services range from abrasives, ceramics, electric vehicles, and bicycles to fertilizers, sugar, tea, and insurance. With a workforce of over 83,500, the group is guided by core values of integrity, quality, responsibility, respect, and passion.
