The Belgian distributor said India is one of the world’s largest producers of pharmaceuticals, with strong growth potential that is attributed to its capabilities in chemical synthesis and formulation, increased accessibility and affordability, as well as market penetration into countries such as the US and other large regions.

“Azelis and S. Zhaveri’s distribution businesses are highly complementary,” said Aparna Khurana, managing director of Azelis India. “The Indian excipient market is outpacing the global growth rate. Here in India, we have favorable raw materials and labor environment coupled with quick adaptability of suppliers to new technology, which makes us a perfect and thriving ground for the industry.

“An acquisition in the pharma business is therefore a significant move for us, Khurana added. “We expect that the addition of S. Zhaveri will help us strengthen our relationship with some of our strategic principals and open up many new opportunities.”

The transaction is expected to close within the next few weeks. Financial details were not disclosed.

Azelis has been active in India since 2008 and runs application laboratories for food, personal care and coatings, adhesives, sealants and elastomers (CASE).

Just last month, subsidiary Azelis Americas closed its acquisition of Mexican specialty distributor Megafarma.