Remmers and Teknovace and forge partnership to build global wood coatings hub in India

Indian wood coatings company Teknovace has announced a strategic partnership with German firm Remmers Gruppe. Under this agreement, the German coatings producer will invest approximately EUR 35 million to acquire a 50.01 % stake in Teknovace over two tranches. This marks one of the largest foreign investments in India’s wood coatings segment and aims to position the country as a global hub for manufacturing and exporting advanced coatings solutions.

Teknovace, founded in 2019, has rapidly grown in the premium wood coatings industry, achieving a 43 % average annual growth rate. It currently operates two manufacturing facilities with a combined capacity of 6,000 tonnes per annum. The partnership with Remmers will see this capacity scaled up to 60,000 tonnes per annum. The investment will also fund the establishment of an integrated UV coatings manufacturing facility, an in-house resin production unit, a greenfield construction chemicals factory, and a global R&D centre based in India.

India’s potential as a coatings export hub

The partnership comes as India’s domestic wood coatings market, valued at USD 1.3 billion (approximately EUR 1.2 billion), continues to expand at an annual growth rate of 11 %. Rising demand for high-performance coatings, driven by the premium furniture and interior finishes sectors, presents a significant opportunity for local manufacturing. Historically, India has been heavily reliant on imports for high-performance wood coatings, but the collaboration between Teknovace and Remmers seeks to reverse this trend.

Beyond serving the domestic market, the alliance aims to position India as an export base for advanced coatings. The India-based company will supply markets across Asia-Pacific, the Middle East, and Africa, while leveraging Remmers’ international network to access select global markets. The companies also plan to integrate their expertise in technology transfer and global market strategies to ensure competitive and sustainable solutions for international customers.

Strategic alignment for long-term growth

According to Pankaj Singh, Managing Director of Teknovace, the partnership represents more than a financial investment. “This collaboration is about building a deeply integrated, technology-driven manufacturing ecosystem in India. Together with Remmers, we aim to establish backward-integrated capabilities and export-ready platforms that will strengthen India’s position in the global coatings value chain,” Singh stated.

Dirk Sieverding, CEO and Co-owner of Remmers Gruppe SE, emphasised India’s strategic importance for Remmers’ long-term growth plans. “India combines a rich raw material base with entrepreneurial agility and scalable manufacturing capabilities. This partnership reflects our confidence in India as a global manufacturing hub and our commitment to building sustainable, high-performance coatings solutions for international markets,” Sieverding remarked.

Reading tip: Wood Coatings

The partnership underscores a growing trend in the global coatings industry, where strategic alliances and investments are driving innovation and positioning emerging markets like India as key players in advanced coatings manufacturing. With plans to expand capacity, integrate R&D, and establish export-focused operations, Teknovace and Remmers are set to significantly impact both the Indian and global coatings sectors.

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