Shareholders have sold a majority stake of Ashapura to Azelis


Established in 2003, Ashapura is a rapidly growing independent distributor of flavor and fragrance (F&F) ingredients, including synthetic and natural aroma chemicals. With longstanding relationships with more than 225 principals and suppliers, Ashapura provides a cost-efficient and reliable supply of over 900 F&F ingredients to more than 900 customers globally, including F&F manufacturers / blenders, home and personal care, fast-moving consumer goods and pharmaceutical companies.

The Deal

Ashapura’s more than 100 employees will join Azelis’ network, along with founders and owners, Ajaykiran and Nayan Gudka, who will remain leading the business post integration. Acquiring Ashapura allows Azelis to become a market leader in the F&F industry with Ashapura as the cornerstone of its F&F platform in the Asia Pacific.

Our Perspective

Preet Singh, Managing Director in Lincoln’s Industrials Group, commented, “We are pleased to have advised the shareholders of Ashapura on this transaction. This investment further solidifies the trend of global strategics investing in quality Indian assets. The transaction demonstrates Lincoln International’s strong understanding of the chemical space and the ability to effectively leverage our global network in successfully executing cross-border transactions.”


Headquartered in Belgium, Azelis is a global specialty chemicals and food ingredients distributor employing more than 3,000 individuals in over 57 countries. It offers a lateral value chain of complementary products to more than 51,000 customers, supported by more than 2,300 principal relationships, creating a turnover of €2.8 billion. Azelis is listed on Euronext Brussels under ticker AZE.

Ashapura Aromas Pvt Ltd Azelis SA 2022 Connect with a Senior Team Member
Lincoln’s strong industry experience and global reach led to an outstanding outcome.
Ajaykiran Gudka
Founder and Managing Director of Ashapura

Meet our Senior Team

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