Distributor Azelis is taking its formula into India with the purchase of a 49% stake in Marigold International, an Indian polymer and chemical distributor based in Mumbai. In due course, the company says, it will lift its stake to 100%.
Currently Marigold generates most of its ˆ22m sales from the polymer and chemicals sector, but plans to extend its scope to cover other key sectors including coatings, food and personal care.
Marigold was previously part of the Arvind Mafatal Group, a large diversified Indian group.
In a statement representing both Azelis and Arvind Mafatal, Azelis ceo Udo Wenzel said: “Both parties welcome this great opportunity to work together and apply a strong mutually beneficial partnership approach to business growth”
He added: “Whilst Azelis already has an established presence in Shanghai, our move into India is our first step in selling outside of Europe and a milestone highlighting the importance of our Asia Pacific strategy.
Azelis has built a widening presence in distribution in Europe, acquiring Pan Polymers and Polymers Direct in the UK. The UK arm moved into new premises in Thatcham in August.
