PPG, Asian Paints to continue India JV for 15 years
PPG has extended its joint venture with Asian Paints in India for 15 years, from 2026 to 2041. The two 50-50 JVs, formed in 1997 and 2012, serve markets like automotive, protective, marine, and powder coatings. PPG and Asian Paints will retain control of their respective JVs, continuing to leverage technical expertise and market strengths.
'We are pleased to announce the renewal of our joint venture with Asian Paints, which is a testament to the past success and strong growth potential in this key market,' said Tim Knavish, PPG chairman and CEO. 'This decades-long relationship is a key success factor for our business in India, and we look forward to serving customers in this rapidly growing region.'
The partnership was established in 1997 with the formation of a 50-50 joint venture, PPG Asian Paints Private Ltd., to service the automotive, refinish, marine and consumer packaging markets. It was expanded in 2012 with the formation of a separate 50-50 joint venture, Asian Paints PPG Private Ltd., to service the protective and powder coatings market. Both joint ventures will continue to leverage PPG's technical expertise and global footprint. PPG will continue to have management control of PPG Asian Paints Private Ltd., and Asian Paints Ltd will have effective management control of Asian Paints PPG Private Ltd. to best utilize the companies' respective strengths. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
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