NACL Industries Limited has informed the Exchange regarding Change in Director(s) of the company.
NACLIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Coromandel International Limited (CIL) has completed the acquisition of 53.13% stake (10.68 crore shares) in NACL Industries, becoming the new promoter effective August 8, 2025. Following this change of control, the entire previous board (10 directors including Chairperson K. Lakshmi Raju, Whole Time Director G.V. Bhadram, and 5 independent directors) resigned with immediate effect. A new board was constituted with 6 fresh appointments: Dr. Raghuram Devarakonda as new MD & CEO (ex-Accenture, Murugappa Group, Ramco Cements COO) for 3 years, Natarajan Srinivasan and Sankarasubramanian S as Non-Executive Non-Independent Directors, and Suresh Subramanian, B. Raghavendra Rao, and Sanjiv Lal as Independent Directors. Statutory auditor B S R & Co also resigned mid-term citing potential independence concerns due to ongoing non-audit services to the new parent CIL, replaced by S.R. Batliboi & Associates LLP.
This is a major corporate restructuring that gives shareholders a new, well-funded promoter (Coromandel International, part of the Murugappa Group) with deep agrochemical and fertilizer industry expertise. The new leadership team has strong operational and financial credentials, which should be viewed positively. Short-term volatility is possible as the market digests the complete board overhaul and auditor change, but the takeover likely brings strategic clarity and access to Coromandel's distribution and resources.