Remmers Gruppe SE, an independent, family-owned German company into speciality construction chemicals and high-performance wood coatings, has announced to acquire 50.1% stake in Teknovace Wood Coatings Pvt. Ltd., one of India’s fastest-growing premium wood coatings companies in two trenches for ₹300 crore.
It has already acquired 26% stake and the balance 24.1% will be after 48 months. Remmers will be represented by two members in the board. The company’s name will be changed to Teknovace Remmers Private Ltd.
The capital infusion will be deployed to significantly expand Teknovace’s manufacturing and technology capabilities. This includes scaling wood coatings production capacity from 6,000 tonne to 60,000 tonne per annum, setting up an integrated UV coatings manufacturing facility, establishing an in-house resin manufacturing unit, and building a greenfield construction chemicals factory at in India.
The joint venture will also create a global R&D centre in India, combining Remmers’ advanced technology platforms with Teknovace’s R&D-led manufacturing expertise.
Beyond domestic growth, the alliance will position India as a global manufacturing and export hub for advanced coatings. Teknovace will directly supply to markets across Asia-Pacific, the Middle East, and Africa, while also acting as a manufacturing and sourcing partner for select global markets through Remmers’ international network.
Pankaj Singh, Managing Director, Teknovace, said, “This partnership is not just about capital; it is about building a deeply integrated, technology-led manufacturing ecosystem in India.”
“Despite India’s rich raw material base, the country has historically been a net importer of high-performance wood coatings. Together with Remmers, we aim to change that equation by building global-scale manufacturing, backward-integrated capabilities, and export-ready platforms that position India as a serious player in the global coatings value chain,” he said.
Nikhil Mahapatra, Executive Director, Teknovace, said, “Teknovace has always been built on capital efficiency, strong R&D, and a deep understanding of the Indian market.”
“With Remmers’ technology leadership and global market access, we now have the opportunity to accelerate our growth journey, expand into construction chemicals and UV coatings, and create a future-ready coatings platform that is competitive not just in India, but globally,” he said.
Dirk Sieverding, Chairman of the Board, CEO & Co-owner, Remmers Group, said, “India is a strategic market for Remmers’ long-term global growth.”
“Teknovace combines strong technical capability, entrepreneurial agility, and scalable manufacturing—making it an ideal partner for us. This partnership reflects our confidence in India as a global manufacturing hub and our shared ambition to build sustainable, high-performance coatings solutions for international markets,” he added.
Under the partnership, Remmers will play an active role in strategy, technology transfer, and global market integration, working closely with Teknovace over the next decade.
The strategic investment comes at a time when India’s wood coatings market—valued at approximately $1.3 billion (₹10,000 crore)—is projected to grow at 11% annually, driven by rising demand for premium furniture, interior finishes, and sustainable materials, the companies said.
Despite India’s strong raw material base, the segment remains largely import-dependent and dominated by European suppliers, creating a significant opportunity for domestic manufacturing on a global scale.
Founded in 2019, Teknovace has been delivering a 43% annual average growth rate since inception, far outpacing the broader paints and coatings industry. The company recorded revenues of Rs 57.1 crore in FY25, operates two manufacturing facilities with a current capacity of 6,000 tonnes per annum, and serves customers through a nationwide network of branches and dealers.
Remmers, founded in 1949, operates across more than 30 countries and brings over 75 years of global expertise in advanced coatings, construction chemicals, and material science.
The deal is a part of Indo-German initiative and investment partnership.
