M&A
Coromandel to acquire controlling stake in crop protection player NACL for Rs.820-Cr
Press Release BSE Announcement
Chennai-headquartered Coromandel International Ltd, a Murugappa Group company that provides agri solutions, will acquire a majority stake in fellow publicly listed, Hyderabad-based NACL Industries Ltd (NACL) , a crop protection player with a strong branded formulation business in domestic markets.NACL also has a strong export portfolio in technicals and has a presence in contract manufacturing operations with global multinational agrochemical companies.Coromandel will acquire 53% shareholding in NACL for INR 820 crores at INR 76.7 a share from the current promoter KLR Products Ltd. Coromandel will also make an open offer to the public to acquire up to 26% of the equity share capital of the company.NACL Industries operates technical and formulation plants in Andhra Pradesh, besides having a centralised R&D facility near Hyderabad.
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