Coromandel International Ltd. has acquired a 53% majority stake in NACL Industries Ltd., an agrochemical firm, for Rs 820 crore. The company plans to initiate an open offer to purchase up to an additional 26% of equity.
The company announced that its board has approved the acquisition of 10,68,96,146 equity shares of NACL Industries, representing 53.13% of the paid-up equity share capital.
A share purchase agreement has been signed between Coromandel International, NACL Industries Ltd., the seller (KLR Products Ltd), K Lakshmi Raju (a promoter), and Bright Town Investment Advisor Pvt Ltd.
The transaction is supposed to be completed within few months, and this will help in positioning the company as one of the leading players in the Indian crop protection industry.
It will also aid Coromandel in scaling up, speeding up its entry into the contract manufacturing business, accelerating the commercialization of new products, and broadening its product portfolio.
NACL Industries runs technical and formulation plants in Andhra Pradesh and has a centralized R&D facility near Hyderabad.
In February, Coromandel International Ltd. and its wholly owned subsidiary Coromandel Chemicals Ltd. have signed a lease agreement for property in Thane.
Post the signing of the agreement, Coromandel International will obtain Rs 156.90 crore, while its subsidiary will acquire Rs 253.10 crore.
Coromandel International's reported more than twofold increase in consolidated net profit, reaching Rs 507.91 crore in the third quarter of fiscal 2025 as compared to Rs 228.11 crore for the same period last year.
Total income rose by 27.63% to Rs 7,048.86 crore in the December quarter as against Rs 5,522.69 crore in the same quarter the previous year.
Shares of Coromandel International on Wednesday closed 2.04% higher at Rs 1,761.75 apiece on the National Stock Exchange, compared to a 0.12% fall in the benchmark Nifty 50. The stock has fallen by 57.60% in the last 12 months.
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