NACL Industries gets board nod to raise Rs 3 billion for growth plans

Firm has drawn a plan to grow its exports and domestic business with a pipeline of new products

NACL Industries, a player in crop protection business, will raise Rs three billion to fund its growth plans.

The company's board, in its meeting held on January 2, approved raising "funds to the tune of Rs 300 crore (Rs three billion) for meeting its growth plans", NACL Industries said in a regulatory filing.

Formerly known as Nagarjuna Agrochem, the firm has worked out a plan to grow its exports as well as domestic business by developing a pipeline of new products, it added.

It is also planning expansion for manufacture of intermediates and bio products.

The extraordinary general meeting (EGM) to seek shareholders' nod for the proposal will take place on February 3, the firm said.