ICIG, a privately-owned industrial group with sales in excess of €4.6 billion, has announced that it acquired a majority stake in Vasant Chemicals, a Hyderabad-based specialty chemicals and pharma intermediates company.

The target company would be integrated into the WeylChem Group, the fine chemicals platform of ICIG.

“This acquisition is a key component of WeylChem’s strategic initiative to expand its presence in the global specialty chemicals market,” a company statement said on Monday.

Vasant Chemicals has manufacturing facilities in Hyderabad (Jeedimetla) and Visakhapatnam (Atchutapuram).

ICIG has over 6,200 employees in 42 production sides in Europe and the US.

“By integrating the expertise, resources, and technologies of both companies, the acquisition aligns with our strategic goal to create long-term value for our customers, employees, and stakeholders,” Andreas Maier, CEO of the WeylChem platform, said.

“It allows WeylChem to directly participate in the fast-growing Indian market and adds a manufacturing and distribution base in Asia,” it said.

Ambit Pvt Ltd acted as the exclusive financial advisor to Vasant Chemicals for this transaction. PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft and Deloitte Touche Tohmatsu India LLP acted as the financial due diligence advisors to ICIG and Vasant Chemicals, respectively.

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