Alphagary, a division of Orbia’s Polymer Solutions business group, will acquire majority share ownership of Shakun Polymers Private Limited, a privately held and family-owned market leader in the production of compounds for the wire and cable markets in the Indian subcontinent, the Middle East, Southeast Asia and Africa.
Subject to the satisfaction of certain customary closing conditions, the transaction is expected to close in short order and represents an important strategic investment for Alphagary. With its investment, Alphagary is expanding its product and regional footprints as Shakun will continue to provide next-generation materials designed to meet the high safety and performance standards in Asia and Africa’s markets.
As a direct complement to Alphagary’s specialty product offerings that support a connected world, Shakun’s product development focus is on halogen-free, flame-retardant compounds and PVC-based compounds for data and power cables. In addition, Shakun’s semi-conductive and cross-linkable compounds expand Alphagary’s portfolio, offer a growth platform and meet customer requirements.
Key members of the Shakun management team will remain with the business, underlining the commitment of both organisations to create added value for customers and stakeholders.
Said Rakesh Bansal, Joint Managing Director of Shakun, “We are very excited by Alphagary’s investment in Shakun and the opportunity it creates to deliver on our customers’ requirements. I am delighted to be part of a team that will work together to offer a wider portfolio of materials and more efficient supply chains that help us focus on service.”
“Shakun has rapidly built a significant market position by providing quality materials geared toward meeting customer needs in Asia and Africa,” said Gautam Nivarthy, President of Alphagary. “While Alphagary has a broad reach from its facilities in the United States, Europe and Mexico, the addition of Shakun’s market position in Asia and Africa coupled with the team’s entrepreneurial spirit will enable us to broaden our innovation horizons,” continued Nivarthy.
Added Sameer Bharadwaj, CEO of Orbia, “Even as India faces difficulty with the current pandemic, we are confident in the resilience of the Asia-Pacific and African markets and long-term growth coming from these regions. This investment provides us with a local presence, a wider scope for future-focused development and a strong customer base for our products and services that help to advance life around the world. We welcome Shakun to the Orbia family and look forward to their immediate contributions to our success together.”
Image source: Courtesy of Alphagary
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