Coromandel International Acquires Majority Stake in NACL Industries, Triggers Major Board Restructuring

1 min read     Updated on 08 Aug 2025, 04:16 PM
scanxBy ScanX News Team
whatsapptwittershare
Overview

Coromandel International Limited has acquired a 53.13% stake in NACL Industries, becoming the new promoter. This acquisition led to significant board restructuring with six new appointments, including Dr. Raghuram Devarakonda as Managing Director and CEO, and ten resignations. Mr. Natarajan Srinivasan is appointed as the new Chairman. The company will seek shareholder approval for new appointments and changes to articles of association. B S R & Co. resigned as statutory auditors, replaced by S. R. Batliboi & Associates LLP, pending shareholder approval.

16195602

*this image is generated using AI for illustrative purposes only.

NACL Industries , a prominent player in the Indian agrochemical sector, has undergone a significant ownership change and corporate restructuring. Coromandel International Limited, a leading agri solutions provider, has acquired a controlling 53.13% stake in NACL Industries, marking a pivotal moment in the company's history.

Acquisition Details

Coromandel International completed the acquisition of 10,68,96,146 equity shares of NACL Industries through share purchase agreements with previous promoters including KLR Products Limited, K. Lakshmi Raju, and Bright Town Investment Advisor Private Limited. This transaction has resulted in Coromandel International becoming the new promoter of NACL Industries, effectively changing the control of the company.

Board Restructuring

Following the change in ownership, NACL Industries has undergone a substantial board restructuring:

New Appointments

  • Dr. Raghuram Devarakonda: Appointed as Managing Director and Chief Executive Officer
  • Mr. Natarajan Srinivasan: Appointed as Non-Executive Director
  • Mr. Sankarasubramanian S: Appointed as Non-Executive Director
  • Mr. Suresh Subramanian: Appointed as Independent Director
  • Mr. B. Raghavendra Rao: Appointed as Independent Director
  • Mr. Sanjiv Lal: Appointed as Independent Director

Resignations

Ten existing directors, including the previous Chairperson Mrs. K Lakshmi Raju, have stepped down from their positions.

Management Changes

Mr. Natarajan Srinivasan, Executive Vice Chairman of Coromandel International, has been appointed as the new Chairman of the NACL Board of Directors. Mr. S Sankarasubramanian, Managing Director & CEO of Coromandel, has joined the NACL Board as a Non-Executive Director.

Strategic Implications

The acquisition is expected to create synergies between NACL Industries and Coromandel International, potentially strengthening NACL's product portfolio and expanding its presence in both domestic and international markets.

Statutory Auditor Change

In light of the ownership change, B S R & Co., the previous statutory auditors, have resigned due to potential independence implications. S. R. Batliboi & Associates LLP has been appointed as the new statutory auditors, subject to shareholder approval.

Shareholder Approval

The company will seek shareholder approval through postal ballot for the new appointments and amendments to the articles of association, reflecting the termination of the previous shareholders' agreement.

This strategic move by Coromandel International to acquire NACL Industries is likely to have significant implications for both companies in the agrochemical sector. As the integration process unfolds, industry observers will be keenly watching how this acquisition shapes the competitive landscape in the Indian agricultural solutions market.

Historical Stock Returns for NACL Industries

1 Day5 Days1 Month6 Months1 Year5 Years
-3.62%-3.05%+25.17%+342.21%+368.97%+544.60%
NACL Industries
View in Depthredirect
like18
dislike

Coromandel International Acquires Majority Stake in NACL Industries, Triggering Major Board Reshuffle

2 min read     Updated on 08 Aug 2025, 04:06 PM
scanxBy ScanX News Team
whatsapptwittershare
Overview

Coromandel International Limited (CIL) has acquired a 53.13% stake in NACL Industries, becoming its new promoter. This acquisition has led to a significant restructuring of NACL's board. Dr. Raghuram Devarakonda has been appointed as the new MD and CEO, along with five new directors. Ten previous directors, including the former Chairperson, have resigned. B S R & Co. has stepped down as statutory auditors, replaced by S. R. Batliboi & Associates LLP. The former promoters will be reclassified as public shareholders, and amendments to the company's articles of association have been approved.

16194972

*this image is generated using AI for illustrative purposes only.

In a significant development in the agrochemical sector, Coromandel International Limited (CIL) has acquired a controlling stake in NACL Industries , leading to a comprehensive overhaul of the company's leadership structure.

Acquisition Details

Coromandel International has acquired 10,68,96,146 equity shares of NACL Industries, representing 53.13% of the total share capital. This acquisition was completed on August 8, 2025, through multiple share purchase agreements dated March 12, 2025. The transaction has resulted in CIL becoming the new promoter of NACL Industries, marking a pivotal shift in the company's ownership.

Board Restructuring

The change in ownership has triggered a sweeping transformation of NACL Industries' board composition:

New Appointments

  1. Dr. Raghuram Devarakonda has been appointed as the new Managing Director and Chief Executive Officer.
  2. Mr. Natarajan Srinivasan and Mr. Sankarasubramanian S have joined as Non-Executive, Non-Independent Directors.
  3. Mr. Suresh Subramanian, Mr. B. Raghavendra Rao, and Mr. Sanjiv Lal have been appointed as Non-Executive, Independent Directors.

Resignations

Following the acquisition, ten directors have stepped down from their positions:

  • Mr. Sudhakar Kudva
  • Mr. Santanu Mukherjee
  • Mr. Ramkrishna Mudholkar
  • Mr. N Sambasiva Rao
  • Ms. Veni Mocherla
  • Mr. Raj A Kaul
  • Mr. Atul Churiwal
  • Mr. Rajesh Kumar Agarwal
  • Mrs. K Lakshmi Raju (former Chairperson)
  • Mr. Garimella Veera Bhadram

Change in Statutory Auditors

In light of the ownership change, B S R & Co. has resigned as the statutory auditors of NACL Industries, citing potential independence implications due to ongoing non-audit services to the new holding company. The board has appointed S. R. Batliboi & Associates LLP as the new statutory auditors, subject to shareholder approval at the upcoming Annual General Meeting.

Reclassification of Erstwhile Promoters

The former promoters of NACL Industries, including KLR Products Limited, K. Lakshmi Raju, and Bright Town Investment Advisor Private Limited, will be reclassified from the "promoter and promoter group" category to the "public" shareholder category.

Amendments to Articles of Association

The board has approved amendments to the company's articles of association, reflecting the termination of the previous share subscription and shareholders agreement dated February 8, 2019.

Upcoming Shareholder Approval

NACL Industries will seek shareholder approval through a postal ballot for the appointment of the new directors, statutory auditors, and amendments to the articles of association.

This strategic acquisition by Coromandel International Limited is expected to strengthen NACL Industries' position in the agrochemical market, leveraging synergies between the two companies. The new leadership team brings diverse experience and expertise, which could drive future growth and innovation in the company's operations.

Historical Stock Returns for NACL Industries

1 Day5 Days1 Month6 Months1 Year5 Years
-3.62%-3.05%+25.17%+342.21%+368.97%+544.60%
NACL Industries
View in Depthredirect
like15
dislike
More News on NACL Industries
Explore Other Articles
Lloyds Enterprises Unveils Rs. 992.26 Crore Rights Issue, Expands Equity Base 15 minutes ago
Bondada Engineering Secures BSE Trading Approval for 15.66 Lakh Preferential Shares 26 minutes ago
Nova Agritech Reports No Deviation in IPO Fund Utilization, Posts Q1 FY26 Results 46 minutes ago
Patel Engineering to Announce Q1FY26 Results on August 11 Amid Stock Decline 51 minutes ago
Alfa Transformers Secures Rs. 62.54 Lakh Orders from Rungta Group Companies 2 hours ago
298.45
-11.20
(-3.62%)