 | |
| Formerly | Asian Oil and Paint Company Pvt. Ltd. (1945–1965)[1] Asian Paints (India) Pvt. Ltd. (1965–1973)[1] |
|---|---|
| Company type | Public |
| |
| ISIN | INE021A01026 |
| Industry | Chemicals |
| Founded | 1 February 1942; 83 years ago (1942-02-01) |
| Founders |
|
| Headquarters | , India |
Area served | Worldwide |
Key people |
|
| Products | |
| Revenue |  ₹36,183 crore (US$4.3 billion) (2024) |
| ₹7,215 crore (US$850 million) (2024) | |
| ₹5,558 crore (US$660 million) (2024) | |
| Total assets | ₹29,924 crore (US$3.5 billion) (2024) |
| Total equity | ₹19,424 crore (US$2.3 billion) (2024) |
Number of employees | 9,482 permanent & 21,189 contractual (2024)[3] |
| Website | asianpaints.com |
| Footnotes / references Financials as of 31 March 2024[update].[4] | |
Asian Paints Ltd is an Indianmultinationalpaint company, headquartered inMumbai.[2] 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.[5][6] The company has 27 paint manufacturing facilities in 15 countries, servicing consumers in over 60 countries. Asian Paints is also present in thehome improvement anddécor space in India.[7]
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.[2] DuringWorld War II and theQuit India Movement of 1942, a temporary ban on paint imports left only foreign companies andShalimar Paints in the market. Asian Paints took up the market and reported an annual turnover of₹23crore in 1952 but with only 2%PBT margin. By 1967, it became the leading paints manufacturer in the country.[8][9]
Asian Paints established its first overseas subsidiary in 1978 inFiji,[10] before expanding intoNepal in 1983.[11] The company made its first international acquisition in 1999, when it took overSri Lanka's second largest paint company, Delmege Forsyth & Co.[12] In 2000, it began operations inOman through a joint venture with the Al Hassan Group.[13]
In 2002, Asian Paints acquired a 60% stake inEgyptian paint manufacturer SCIB Chemicals for₹24.5 crore (US$5.04 million).[14] It also acquired a 50.1% stake in theSGX-listed Berger International Singapore, which had operations in 11 countries acrossSoutheast Asia,West Asia, theCaribbean,China andMalta, for US$20.8 million.[15] Later that year, it entered theBangladesh market by incorporating a joint venture withConfidence Group.[16]
In 2003, it acquired Taubmans Paints, which functioned in Fiji andSamoa; this added to Asian Paints' existing presence in the region under Apco Coatings brand in Fiji,Solomon Islands,Vanuatu andTonga.[17] In 2004, the company sold its stake in the Malta subsidiary, which was its only venture in Europe.[18] By 2010, it ceased its loss-making operations in Malaysia, Hong Kong, Thailand and China.[19]
In 2013, Asian Paints increased its stake in Berger International Singapore to 96.48%.[20] In 2014, it enteredIndonesia through the Singapore subsidiary.[21] In India, the company ventured into home improvement and décor with the acquisitions ofmodular kitchen manufacturer Sleek International and bathroom fittings company Ess Ess.[22]
In 2015, Asian Paints completed the acquisition of a 51% controlling stake inEthiopia-based Kadisco Paint for US$18.95 million.[23] In 2017, it acquired 100% of Sri Lanka's Causeway Paints for₹387 crore (US$59.43 million).[24]
In 2020, Asian Paints started its personalisedinterior design service called Beautiful Homes, and launchedexperiential studios across India under the same name.[25]
In 2022, Asian Paints acquired a 49% stake in the Indian decorative lighting company White Teak for₹180 crore (US$22.9 million), before buying another 11% the following year.[26]
The families of the four founders (Choksey, Choksi, Dani and Vakil) together held the majority shares of the company. But disputes started over the global rights in 1990s when the company expanded beyond India. Champaklal Choksey died in July 1997 and his son Atul took over. After failed collaboration talks with the British companyImperial Chemical Industries, Choksey family's 13.7% shares were mutually bought by the remaining three families andUnit Trust of India. As of 2008[update], the Choksi, Dani and Vakil families hold a share of 47.81%.[9]Ashwin Dani, the non-executive director of Asian Paints, died on 28 September 2023 at the age of 79.[27][28] As per theForbes list of India's 100 richest tycoons, dated 9 October 2024, Dani family is ranked 36th with a net worth of $8.1 billion.[29]
As of 12 August 2024[30]
| Category of Shareholder | Shareholding |
|---|---|
| Promoter Group | 52.63% |
| FII | 15.27% |
| DII | 12.36% |
| Public | 19.68% |
| Others | 0.06% |
| Total | 100% |
The company along with its subsidiaries have 27 manufacturing facilities across 15 countries serving customer globally in over 60 countries.[31]
| S.No. | Country | Number of manufacturing plants | Location/operating brand |
|---|---|---|---|
| 1 | India | 10 | Ankleshwar &Sarigam (Gujarat),Patancheru (Telangana),Kasna (Uttar Pradesh),Sriperumbudur (Tamil Nadu),Rohtak (Haryana),Khandala & Taloja (Maharashtra),Mysuru (Karnataka),Visakhapatam (Andhra Pradesh) |
| 2 | Sri Lanka | 2 | Asian Paints Causeway |
| 3 | Nepal | 2 | Asian Paints |
| 4 | Bangladesh | 2 | Asian Paints |
| 5 | Indonesia | 1 | Asian Paints |
| 6 | Fiji | 1 | Apco Coatings & Taubmans |
| 7 | Samoa | 1 | Taubmans |
| 8 | Vanuatu | Apco Coatings | |
| 9 | Solomon Islands | Apco Coatings | |
| 10 | Oman | 1 | Asian Paints Berger |
| 11 | Bahrain | 1 | Asian Paints Berger |
| 12 | UAE | 1 | Asian Paints Berger |
| 13 | Egypt | 2 | SCIB Paints |
| 14 | Ethiopia | 3 | Kadisco Asian Paints |
| Total | 27 | ||
In 1950s, the company launched a "washabledistemper", which was a balance between the cheap dry distemper that peeled easily and the more expensive plastic emulsions. Promoting their brand Tractor Distemper, the company used "Don't lose your temper, use Tractor Distemper" in their advertisings.[8] In 1954, "Gattu" – a mischievous boy with a paint bucket in his hand – was launched asmascot. Created byR. K. Laxman, the mascot found appeal with the middle-classes.[32]
In the 1980s, the festiveadvertising tagline "Har Ghar Kucch Kehta Hai" (Every home says something) was introduced.[32] The company revamped its corporate identity in 2000s and axed Gattu as their mascot, and later changed its "Asian Paints" logo to the shorter "AP" mnemonic.[32]
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