07.27.23
Mumbai, India
www.asianpaints.com
PUBLICLY HELD; YEAR ESTABLISHED: 1942
REVENUE: $4.11 billion s (2021: $3.74 billion)
MARKETS SERVED
Architectural coatings; Industrial coatings; Automotive coatings
KEY EXECUTIVES:
Amit Syngle, managing director and CEO.
Asian Paints is one of the leading paint companies in India, with more than 12,000 employees worldwide. Along with its subsidiaries, it has operations in 15 countries with 27 paint manufacturing facilities, serving consumers in more than 60 countries. Besides Asian Paints, the group operates around the world through its subsidiaries Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Causeway Paints and Kadisco Asian Paints. Architectural/decorative coatings comprised 90 percent of sales and industrial and automotive coatings comprise the rest. Asian Paints manufactures a wide range of paints for Decorative and Industrial use.
In Decorative paints, Asian Paints is present in interior, exterior enamels and wood finishes. It also offers waterproofing, wall coverings and adhesives in its product portfolio.
Key brands in India include for exterior walls: Apex, Ace, Apex Ultima, Apex Ultima Protek and Apex Duracast; interior walls: Royale, Royale Aspira, Royale Play, Tractor, Premium Emulsion, Apcolite and Utsav; metal surface: Utsav, Premium Enamel; and wood: PU, Touchwood and Polyester.
It is also agreed to acquire a further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next five years, subject to fulfilment of certain conditions precedent and achievement of financial targets.
Founded by Dr. Swapan Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind has been a pioneer in the space of nanotechnology-based coatings in India.
A PhD in polymer science, Dr. Ghosh is a polymer scientist and a veteran technocrat with more than 30 years of research experience in academia and industrial R&D.
“Being forerunners in world class coatings technology, this partnership with Harind leverages Asian Paints in the era of Next Gen Nanotechnology, to offer customers an exciting wave of innovations in the coating space,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “Our endeavor always has been to invest in pioneering technology which gives us a sustainable competitive advantage, helping us create breakthrough products in the market Dr. Ghosh will continue to lead Harind as the CEO.
“At Harind, we have constantly endeavored to develop cutting-edge nanotechnology-led coating solutions. This partnership with Asian Paints will enable a wider canvas to our research and has strong synergies for both partners that will unlock the potential of this exciting new field for the consumer,” Dr. Ghosh noted.
Recent acquisitions
• Oct 2022: Asian Paints to set up manufacturing facility for VAE and VAM
o Asian Paints has approved the setting up of a manufacturing facility for VAE and VAM in India for a proposed investment of approximately Rs. 2,100 crores over a period of three years. This is subject to entering into definitive agreements including technology license agreement for manufacturing of VAE and VAM and obtaining necessary regulatory and other approvals. The installed capacity of the said manufacturing facility would be 100,000 tons p.a. for VAM and 150,000 tons p.a. for VAE.
• Oct 2022: Asian Paints proposes to set up white cement manufacturing facility
o Asian Paints signs a binding term sheet with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, United Arab Emirates and Associated Soap Stone Distributing Company Private Limited (ASD), inter alia, to form a joint venture to carry out the business of manufacturing and exporting white cement and white cement clinkers by setting up a manufacturing plant in Fujairah, UAE, subject to due diligence and necessary regulatory and other approvals. The joint venture would be a 60:40 partnership between the company and Riddhi Siddhi & ASD. The initial capacity of the said manufacturing facility, to be set up in Fujairah, UAE, would be 2,65,000 tons per annum. In addition, clinker grinding units would be set up in India as well. The overall investment would be approximately Rs. 550 crores, to be invested over the next two years.
www.asianpaints.com
PUBLICLY HELD; YEAR ESTABLISHED: 1942
REVENUE: $4.11 billion s (2021: $3.74 billion)
MARKETS SERVED
Architectural coatings; Industrial coatings; Automotive coatings
KEY EXECUTIVES:
Amit Syngle, managing director and CEO.
Asian Paints is one of the leading paint companies in India, with more than 12,000 employees worldwide. Along with its subsidiaries, it has operations in 15 countries with 27 paint manufacturing facilities, serving consumers in more than 60 countries. Besides Asian Paints, the group operates around the world through its subsidiaries Asian Paints Berger, Apco Coatings, SCIB Paints, Taubmans, Causeway Paints and Kadisco Asian Paints. Architectural/decorative coatings comprised 90 percent of sales and industrial and automotive coatings comprise the rest. Asian Paints manufactures a wide range of paints for Decorative and Industrial use.
In Decorative paints, Asian Paints is present in interior, exterior enamels and wood finishes. It also offers waterproofing, wall coverings and adhesives in its product portfolio.
Key brands in India include for exterior walls: Apex, Ace, Apex Ultima, Apex Ultima Protek and Apex Duracast; interior walls: Royale, Royale Aspira, Royale Play, Tractor, Premium Emulsion, Apcolite and Utsav; metal surface: Utsav, Premium Enamel; and wood: PU, Touchwood and Polyester.
Asian Paints Enters Nanotech Partnership
Asian Paints has entered into a definitive agreements to acquire a 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Dr. Swapan Ghosh & others, for a consideration of approximately Rs. 12.75 crores ($1.5 million), subject to completion of the conditions precedent set in the definitive documents.It is also agreed to acquire a further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next five years, subject to fulfilment of certain conditions precedent and achievement of financial targets.
Founded by Dr. Swapan Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind has been a pioneer in the space of nanotechnology-based coatings in India.
A PhD in polymer science, Dr. Ghosh is a polymer scientist and a veteran technocrat with more than 30 years of research experience in academia and industrial R&D.
“Being forerunners in world class coatings technology, this partnership with Harind leverages Asian Paints in the era of Next Gen Nanotechnology, to offer customers an exciting wave of innovations in the coating space,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “Our endeavor always has been to invest in pioneering technology which gives us a sustainable competitive advantage, helping us create breakthrough products in the market Dr. Ghosh will continue to lead Harind as the CEO.
“At Harind, we have constantly endeavored to develop cutting-edge nanotechnology-led coating solutions. This partnership with Asian Paints will enable a wider canvas to our research and has strong synergies for both partners that will unlock the potential of this exciting new field for the consumer,” Dr. Ghosh noted.
Recent acquisitions
• Oct 2022: Asian Paints to set up manufacturing facility for VAE and VAM
o Asian Paints has approved the setting up of a manufacturing facility for VAE and VAM in India for a proposed investment of approximately Rs. 2,100 crores over a period of three years. This is subject to entering into definitive agreements including technology license agreement for manufacturing of VAE and VAM and obtaining necessary regulatory and other approvals. The installed capacity of the said manufacturing facility would be 100,000 tons p.a. for VAM and 150,000 tons p.a. for VAE.
• Oct 2022: Asian Paints proposes to set up white cement manufacturing facility
o Asian Paints signs a binding term sheet with Riddhi Siddhi Crusher & Land Transport (Riddhi Siddhi), Fujairah, United Arab Emirates and Associated Soap Stone Distributing Company Private Limited (ASD), inter alia, to form a joint venture to carry out the business of manufacturing and exporting white cement and white cement clinkers by setting up a manufacturing plant in Fujairah, UAE, subject to due diligence and necessary regulatory and other approvals. The joint venture would be a 60:40 partnership between the company and Riddhi Siddhi & ASD. The initial capacity of the said manufacturing facility, to be set up in Fujairah, UAE, would be 2,65,000 tons per annum. In addition, clinker grinding units would be set up in India as well. The overall investment would be approximately Rs. 550 crores, to be invested over the next two years.