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Solvay announced that it has signed an agreement to acquire a controlling interest in Sunshield Chemicals, an Indian company specialising in surfactants, from Amit Choksey Group. This acquisition will enable Solvay’s Novecare business to accelerate growth plans in India for the home and personal care, agrochemicals, coatings and industrial applications markets.
"This bolt-on acquisition will enable us to speed up our pace of growth in the Indian surfactants market that is currently enjoying double-digit annual growth. With Sunshield Chemicals, we are expanding our existing industrial base in this country and reinforcing our commercial presence in strong growth market segments,” explained Emmanuel Butstraen, President of Novecare.
Sunshield Chemicals, a company listed on the Bombay Stock Exchange (BSE), generated net sales of INR943M (€13.5M) in its most recent financial year ended March 31, 2012.
