Coromandel International has signed agreements to acquire a 53 percent stake in NACL Industries for Rs 820 crore from KLR Products.

NACL, a crop protection firm, has a strong branded formulation business in India, exports technicals globally, and operates contract manufacturing for multinational agrochemical firms. Furtheron, in compliance with SEBI Takeover Regulations, Coromandel will make an open offer for up to 26 percent of NACL’s equity share capital from public shareholders. The transaction is subject to regulatory approvals and is expected to be completed in the coming months.

JM Financial advised Coromandel on the deal and is managing the open offer, while AZB & Partners provided legal counsel. E&Y handled financial and tax diligence, and SSPA & Co. Chartered Accountants acted as independent valuers.

NACL operates technical and formulation plants in Andhra Pradesh and has an R&D facility near Hyderabad. Its subsidiary recently invested in a technical-grade facility at Dahej to manufacture Active Ingredients.