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Asian Paints
Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai. The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services.
Asian Paints is India's largest paints company by market share. The company has 27 paint manufacturing facilities in 15 countries, servicing consumers in over 60 countries. Asian Paints is also present in the home improvement and décor space in India.
The company was started in a garage in Gaiwadi, Girgaon, Mumbai by four friends Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil, in February 1942. During World War II and the Quit India Movement of 1942, a temporary ban on paint imports left only foreign companies and Shalimar Paints in the market. Asian Paints took up the market and reported an annual turnover of ₹23 crore in 1952 but with only 2% PBT margin. By 1967, it became the leading paints manufacturer in the country.
Asian Paints established its first overseas subsidiary in 1978 in Fiji, before expanding into Nepal in 1983. The company made its first international acquisition in 1999, when it took over Sri Lanka's second largest paint company, Delmege Forsyth & Co. In 2000, it began operations in Oman through a joint venture with the Al Hassan Group.
In 2002, Asian Paints acquired a 60% stake in Egyptian paint manufacturer SCIB Chemicals for ₹24.5 crore (US$5.04 million). It also acquired a 50.1% stake in the SGX-listed Berger International Singapore, which had operations in 11 countries across Southeast Asia, West Asia, the Caribbean, China and Malta, for US$20.8 million. Later that year, it entered the Bangladesh market by incorporating a joint venture with Confidence Group.
In 2003, it acquired Taubmans Paints, which functioned in Fiji and Samoa; this added to Asian Paints' existing presence in the region under Apco Coatings brand in Fiji, Solomon Islands, Vanuatu and Tonga. In 2004, the company sold its stake in the Malta subsidiary, which was its only venture in Europe. By 2010, it ceased its loss-making operations in Malaysia, Hong Kong, Thailand and China.
In 2013, Asian Paints increased its stake in Berger International Singapore to 96.48%. In 2014, it entered Indonesia through the Singapore subsidiary. In India, the company ventured into home improvement and décor with the acquisitions of modular kitchen manufacturer Sleek International and bathroom fittings company Ess Ess.
In 2015, Asian Paints completed the acquisition of a 51% controlling stake in Ethiopia-based Kadisco Paint for US$18.95 million. In 2017, it acquired 100% of Sri Lanka's Causeway Paints for ₹387 crore (US$59.43 million).
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Asian Paints
Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai. The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services.
Asian Paints is India's largest paints company by market share. The company has 27 paint manufacturing facilities in 15 countries, servicing consumers in over 60 countries. Asian Paints is also present in the home improvement and décor space in India.
The company was started in a garage in Gaiwadi, Girgaon, Mumbai by four friends Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil, in February 1942. During World War II and the Quit India Movement of 1942, a temporary ban on paint imports left only foreign companies and Shalimar Paints in the market. Asian Paints took up the market and reported an annual turnover of ₹23 crore in 1952 but with only 2% PBT margin. By 1967, it became the leading paints manufacturer in the country.
Asian Paints established its first overseas subsidiary in 1978 in Fiji, before expanding into Nepal in 1983. The company made its first international acquisition in 1999, when it took over Sri Lanka's second largest paint company, Delmege Forsyth & Co. In 2000, it began operations in Oman through a joint venture with the Al Hassan Group.
In 2002, Asian Paints acquired a 60% stake in Egyptian paint manufacturer SCIB Chemicals for ₹24.5 crore (US$5.04 million). It also acquired a 50.1% stake in the SGX-listed Berger International Singapore, which had operations in 11 countries across Southeast Asia, West Asia, the Caribbean, China and Malta, for US$20.8 million. Later that year, it entered the Bangladesh market by incorporating a joint venture with Confidence Group.
In 2003, it acquired Taubmans Paints, which functioned in Fiji and Samoa; this added to Asian Paints' existing presence in the region under Apco Coatings brand in Fiji, Solomon Islands, Vanuatu and Tonga. In 2004, the company sold its stake in the Malta subsidiary, which was its only venture in Europe. By 2010, it ceased its loss-making operations in Malaysia, Hong Kong, Thailand and China.
In 2013, Asian Paints increased its stake in Berger International Singapore to 96.48%. In 2014, it entered Indonesia through the Singapore subsidiary. In India, the company ventured into home improvement and décor with the acquisitions of modular kitchen manufacturer Sleek International and bathroom fittings company Ess Ess.
In 2015, Asian Paints completed the acquisition of a 51% controlling stake in Ethiopia-based Kadisco Paint for US$18.95 million. In 2017, it acquired 100% of Sri Lanka's Causeway Paints for ₹387 crore (US$59.43 million).