Coromandel International announced the successful closure of the Share Purchase Agreement (SPA) for the acquisition of promoter shareholding in NACL Industries (NACL). With this transaction, Coromandel has formally acquired a controlling stake of 53% in NACL. The ongoing Open Offer to acquire up to 26% additional stake from public shareholders under the SEBI Takeover Regulations remains in process and shall follow the prescribed regulatory timelines.

Following the 53% stake acquisition, Natarajan Srinivasan, S Sankarasubramanian and Dr. Raghuram Devarakonda have joined the Board of NACL Industries today.

In addition, the Board of NACL Industries, at its meeting held today, approved the appointment of Dr. Raghuram Devarakonda as Managing Director & CEO. He previously served as Executive Director, Crop Protection, Bio Products and Retail businesses at Coromandel and brings with him extensive leadership experience and deep domain expertise across the value chain.