In a move that will catapult it into the global arena, The Azelis Group's has acquired 49% of the shares of Marigold International Pvt. Ltd, an Indian distributor of polymers and chemicals based in Mumbai. With this acquisition, the company will move a step forward towards its goal to go global and provide a platform for both sourcing products for customers and, most importantly, offering Western manufacturers a route to market in the rapidly growing Indian economy.
Marigold, previously a part of the Arvind Mafatlal Group (AMG), with total sales of €22 million, is currently focused on the polymers and chemicals sectors, but Azelis plans to expand its reach into other key sectors including coatings, food and personal care. Azelis also intends to increase its shareholding to take over 100% of shares.