American coatings primary, PPG, has released the extension of its joint venture agreements in India with Asian Paints. The 15-year renewal will permit the corporation to continue serving the country’s commercial, protective, marine, packaging, automotive and powder coatings customers. The extension will take impact in 2026 and run via 2041.
The partnership established in 1997 with the formation of a 50-50 joint venture, PPG Asian Paints Pvt. Ltd., to service the automotive, refinish, marine and purchaser packaging markets. It was extended in 2012 with the formation of a separate 50-50 joint venture, Asian Paints PPG Pvt. Ltd., to service the protective and powder coatings marketplace. Both joint ventures will retain to leverage PPG’s technical expertise and international footprint. PPG will maintain to have management control of PPG Asian Paints Pvt. Ltd., and Asian Paints will have effective control manage of Asian Paints PPG Pvt. Ltd. To best utilize the corporation’s respective strengths.
“We are pleased to declare the renewal of our joint venture with Asian Paints, which is a testament to the past success and robust growth ability on this key market,” said Mr. Tim Knavish, PPG Chairman and CEO.
“This ongoing partnership will retain to leverage PPG’s technological expertise and Asian Paints’ deep market knowledge and local relationships to meet the evolving wishes of the automotive and different industrial coatings market in the developing domestic quarter,” stated Mr. Amit Syngle, MD & CEO, Asian Paints.
