2 October 2007
The Azelis Group’s goal to go global has taken a big step forward with the announcement of its acquisition of 49% of the shares of Marigold International Pvt. Ltd, an Indian distributor of polymers and chemicals based in Mumbai.
This is a significant strategic move which will provide Azelis with 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, 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.
Marigold was previously a part of the Arvind Mafatlal Group (AMG), a large Indian corporation with diverse business interests in Speciality Chemicals, Rubber Chemicals, Textiles,.
Udo Wenzel, CEO Azelis speaking on behalf of himself and Mr Hrishikesh Mafatlal, Vice Chairman of Arvind Mafatlal Group said: “Both parties welcome this great opportunity to work together and apply a strong, mutually beneficial partnership approach to business growth.”
Dr Wenzel 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.”
For further information contact:
Dianne Nott: Telephone +44 1925 267557 Mob +44 7860 272754
For more information on Marigold International Pvt. Ltd. call +91-22-26736363
or visit: http://www.i-marigold.com