07.28.22
Mumbai, India
www.asianpaints.com
Asian Paints is one of the leading paint companies in India, with more than 10,000 employees worldwide. Along with its subsidiaries, it has operations in 15 countries with 26 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.
Asian Paints also operates through PPG Asian Paints Pvt Ltd. – a 50/50 JV between Asian Paints and PPG to service the increasing requirements of the Indian automotive coatings market.
The second 50/50 JV with PPG, named Asian Paints PPG Pvt Ltd, services the protective, industrial powder, industrial containers and light industrial coatings markets in India.
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 commissioned two new paint manufacturing facilities in South India. The paint plant at Mysuru (Karnataka) was commissioned with an initial capacity of 300,000 KL/annum (scalable to 600,000 KL/annum) and the plant in Vizag (Andhra Pradesh) was commissioned with an initial capacity of 300,000 KL/annum (scalable to 500,000 KL/annum).
• Amit Syngle took over as the managing director and CEO of Asian Paints effective April 1, 2020 after the retirement of K B S Anand.
• Asian Paints entered into the hand sanitizer category with the launch of the Viroprotek range of Hand and Surface Sanitizers.
• Agreed to acquire additional 23.9% stake in a staggered manner over the next three years (13.9% stake in FY25 and 10% stake in FY26 ). Weatherseal incorporated in March 2022 would be engaged in the business of interior decoration/furnishing, including manufacturing uPVC windows and door systems.
• Asian Paints entered into definite agreement on 1st Apr 2022 to acquire 49% stake for approx. Rs 180 crores, alongwith earn out up to a maximum of Rs 114 crores, payable after a year, subject to achievement of mutually agreed financial milestones
• Also agrees to acquire the remaining 51% stake in White Teak in a phased manner, wherein 11% stake would be acquired in FY24 for a consideration based on achievement of certain financial milestones, with maximum consideration of Rs. 66 crores; and the remaining 40% stake would be acquired in FY26 for a consideration based on achievement of certain financial milestones, with maximum consideration of Rs. 360 crores. White Teak is engaged in the business of decorative lighting products and fans.
“Weatherseal is one of the leading brands in uPVC Windows and Doors space and have established reputable presence in the retail and project customer segment, primarily in South India. As part of our endeavour to be an integral part of the home décor business, we find this space attractive in the retail and B2B market segment. This association will enable us to widen our offerings in the home décor space. We look forward to working with Weatherseal to take the business further,” commented Amit Syngle, MD & CEO of Asian Paints Ltd.
On White Teak acquisition:
"White Teak offers us a unique opportunity to further strengthen our foray in the home décor space by capitalizing on its capabilities in the designer and decorative lighting products, and thus enhances the overall value proposition of our home décor offerings to the consumers. This alliance would also help Asian Paints to leverage various categories of Home Décor on the online digital space and start exploding the e-commerce space in future,” noted Syngle.
www.asianpaints.com
PUBLICLY HELD; YEAR ESTABLISHED: 1942
REVENUE: $3.74 billion s (2020: $2.91 billion)
MARKETS SERVED
Architectural coatings; Industrial coatings; Automotive coatingsKEY EXECUTIVES:
Amit Syngle, managing director and CEO.Asian Paints is one of the leading paint companies in India, with more than 10,000 employees worldwide. Along with its subsidiaries, it has operations in 15 countries with 26 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.
Asian Paints also operates through PPG Asian Paints Pvt Ltd. – a 50/50 JV between Asian Paints and PPG to service the increasing requirements of the Indian automotive coatings market.
The second 50/50 JV with PPG, named Asian Paints PPG Pvt Ltd, services the protective, industrial powder, industrial containers and light industrial coatings markets in India.
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 commissioned two new paint manufacturing facilities in South India. The paint plant at Mysuru (Karnataka) was commissioned with an initial capacity of 300,000 KL/annum (scalable to 600,000 KL/annum) and the plant in Vizag (Andhra Pradesh) was commissioned with an initial capacity of 300,000 KL/annum (scalable to 500,000 KL/annum).
• Amit Syngle took over as the managing director and CEO of Asian Paints effective April 1, 2020 after the retirement of K B S Anand.
• Asian Paints entered into the hand sanitizer category with the launch of the Viroprotek range of Hand and Surface Sanitizers.
Recent acquisitions
• Asian Paints entered into definite agreement on 1st Apr 2022 for infusion of Rs 19 crores for 51% stake of Weatherseal Fenestration.• Agreed to acquire additional 23.9% stake in a staggered manner over the next three years (13.9% stake in FY25 and 10% stake in FY26 ). Weatherseal incorporated in March 2022 would be engaged in the business of interior decoration/furnishing, including manufacturing uPVC windows and door systems.
• Asian Paints entered into definite agreement on 1st Apr 2022 to acquire 49% stake for approx. Rs 180 crores, alongwith earn out up to a maximum of Rs 114 crores, payable after a year, subject to achievement of mutually agreed financial milestones
• Also agrees to acquire the remaining 51% stake in White Teak in a phased manner, wherein 11% stake would be acquired in FY24 for a consideration based on achievement of certain financial milestones, with maximum consideration of Rs. 66 crores; and the remaining 40% stake would be acquired in FY26 for a consideration based on achievement of certain financial milestones, with maximum consideration of Rs. 360 crores. White Teak is engaged in the business of decorative lighting products and fans.
2021 Success Story
On Weatherseal Fenestration acquisition:“Weatherseal is one of the leading brands in uPVC Windows and Doors space and have established reputable presence in the retail and project customer segment, primarily in South India. As part of our endeavour to be an integral part of the home décor business, we find this space attractive in the retail and B2B market segment. This association will enable us to widen our offerings in the home décor space. We look forward to working with Weatherseal to take the business further,” commented Amit Syngle, MD & CEO of Asian Paints Ltd.
On White Teak acquisition:
"White Teak offers us a unique opportunity to further strengthen our foray in the home décor space by capitalizing on its capabilities in the designer and decorative lighting products, and thus enhances the overall value proposition of our home décor offerings to the consumers. This alliance would also help Asian Paints to leverage various categories of Home Décor on the online digital space and start exploding the e-commerce space in future,” noted Syngle.
