Asian Paints

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. During World War II and the Quit India Movement of 1942, a temporary ban on paint imports left only foreign companies and Shalimar Paints in the market. Asian Paints took up the market and reported an annual turnover of {{INR}}23 crore in 1952 but with only 2% PBT margin. By 1967, it became the leading paints manufacturer in the country.{{cite book|url=https://books.google.com/books?id=UL3BDAAAQBAJ |title= The Unusual Billionaires |first= Saurabh |last= Mukherjea |publisher=Penguin UK |year=2016 |isbn=9789386057679}}{{page needed|date=May 2020}}

Asian Paints established its first overseas subsidiary in 1978 in Fiji,{{cite news |title=Ashwin Dani of Asian Paints: A billionaire who found his real wealth in Iyengar Yoga |url=https://economictimes.indiatimes.com/news/company/corporate-trends/ashwin-dani-of-asian-paints-a-billionaire-who-found-his-real-wealth-in-iyengar-yoga/articleshow/104023380.cms |access-date=9 November 2024 |work=The Economic Times |date=28 September 2023}} before expanding into Nepal in 1983.{{cite news |title=Asian Paints Nepal building third plant in Hetauda |url=https://kathmandupost.com/money/2023/09/16/asian-paints-nepal-building-third-plant-in-hetauda |access-date=9 November 2024 |work=Kathmandu Post |language=English}} The company made its first international acquisition in 1999, when it took over Sri Lanka's second largest paint company, Delmege Forsyth & Co.{{cite news |title=Asian Paints acquires Sri Lanka company |url=https://www.domain-b.com/companies/companies_a/asian_paints/19991005asian_paints.html |access-date=9 November 2024 |work=domain-b.com}} In 2000, it began operations in Oman through a joint venture with the Al Hassan Group.{{cite news |last1=Pourmohammadi |first1=Elham |title=Mega paint plant to open soon in Sohar |url=https://www.pressreader.com/oman/times-of-oman/20151126/281805692842312 |access-date=9 November 2024 |work=Times of Oman |via=PressReader |date=26 November 2015}}

In 2002, Asian Paints acquired a 60% stake in Egyptian paint manufacturer SCIB Chemicals for {{INRconvert|24.5|c|mode=historical|year=2002}}.{{cite news |title=Asian Paints goes to Egypt |url=https://www.telegraphindia.com/business/asian-paints-goes-to-egypt/cid/870216 |access-date=9 November 2024 |work=The Telegraph India |date=27 August 2002}} It also acquired a 50.1% stake in the SGX-listed Berger International Singapore, which had operations in 11 countries across Southeast Asia, West Asia, the Caribbean, China and Malta, for US$20.8 million.{{cite news |title=Asian Paints to buy Berger Intl |url=https://www.telegraphindia.com/business/asian-paints-to-buy-berger-intl-50-1-of-equity-to-be-bought-through-an-offer-to-shareholders-of-the-paint-maker-listed-in-singapore/cid/865956 |access-date=9 November 2024 |work=The Telegraph India|date=5 September 2002}} Later that year, it entered the Bangladesh market by incorporating a joint venture with Confidence Group.{{cite news |title=Asian Paints forays into Bangladesh |url=https://timesofindia.indiatimes.com/business/india-business/asian-paints-forays-into-bangladesh/articleshow/20982269.cms |access-date=9 November 2024 |work=The Times of India |date=2 September 2002}}

In 2003, it acquired Taubmans Paints, which functioned in Fiji and Samoa; this added to Asian Paints' existing presence in the region under Apco Coatings brand in Fiji, Solomon Islands, Vanuatu and Tonga.{{cite news |title=Asian Paints buys Fiji firm |url=https://www.telegraphindia.com/business/asian-paints-buys-fiji-firm/cid/798850 |access-date=9 November 2024 |work=The Telegraph India |date=11 September 2003}} In 2004, the company sold its stake in the Malta subsidiary, which was its only venture in Europe.{{cite news |title=Asian Paints to exit Malta subsidiary |url=https://www.business-standard.com/article/companies/asian-paints-to-exit-malta-subsidiary-104051401019_1.html |access-date=9 November 2024 |work=Business Standard |date=14 May 2004}} By 2010, it ceased its loss-making operations in Malaysia, Hong Kong, Thailand and China.{{cite news |title=Asian Paints to exit ops in Thailand, China by Feb-end |url=https://economictimes.indiatimes.com/industry/cons-products/paints/asian-paints-to-exit-ops-in-thailand-china-by-feb-end/articleshow/5498695.cms |access-date=9 November 2024 |work=The Economic Times |date=25 January 2010}}

In 2013, Asian Paints increased its stake in Berger International Singapore to 96.48%.{{cite news |url=http://economictimes.indiatimes.com/markets/stocks/news/asian-paints-acquires-96-48-stake-in-berger-open-offer-ends/articleshow/25600460.cms |title=Asian Paints acquires 96.48% stake in Berger; open offer ends |newspaper=The Economic Times |access-date= 18 November 2016}} In 2014, it entered Indonesia through the Singapore subsidiary.{{cite news |title=Asian Paints' subsidiary to set up plant in Indonesia |url=https://economictimes.indiatimes.com/industry/cons-products/paints/asian-paints-subsidiary-to-set-up-plant-in-indonesia/articleshow/40693634.cms |access-date=9 November 2024 |work=The Economic Times |date=22 August 2014}} In India, the company ventured into home improvement and décor with the acquisitions of modular kitchen manufacturer Sleek International and bathroom fittings company Ess Ess.{{cite news |last1=Chatterjee |first1=Purvita |title=Home décor: will Asian Paints get the new colours right? |url=https://www.thehindubusinessline.com/companies/home-dcor-will-asian-paints-get-the-new-colours-right/article64309832.ece |access-date=10 November 2024 |work=BusinessLine |date=25 January 2016 |language=en}}

In 2015, Asian Paints completed the acquisition of a 51% controlling stake in Ethiopia-based Kadisco Paint for US$18.95 million.{{cite news |last1=Hokka |first1=Takafumi |title=India's biggest paint-maker acquires Ethiopian rival |url=https://asia.nikkei.com/Business/India-s-biggest-paint-maker-acquires-Ethiopian-rival |access-date=9 November 2024 |work=Nikkei Asia |date=13 February 2015 |language=en}} In 2017, it acquired 100% of Sri Lanka's Causeway Paints for {{INRconvert|387|c|mode=historical|year=2017}}.{{cite news |title=Asian Paints arm acquires Sri Lankan firm Causeway Paints |url=https://www.hindustantimes.com/business-news/asian-paints-arm-acquires-sri-lankan-firm-causeway-paints/story-yd4BZQfWk2eCBUbJShsc2N.html |access-date=9 November 2024 |work=Hindustan Times |date=3 April 2017}}

In 2020, Asian Paints started its personalised interior design service called Beautiful Homes, and launched experiential studios across India under the same name.{{cite news |last1=Siganporia |first1=Shahnaz |title=Asian Paints and Sabyasachi Mukherjee launch designer home furnishing |url=https://www.vogue.in/culture-and-living/content/asian-paints-and-sabyasachi-mukherjee-launch-designer-home-furnishing |access-date=17 December 2024 |work=Vogue India |date=7 April 2021 |language=en-IN}}

In 2022, Asian Paints acquired a 49% stake in the Indian decorative lighting company White Teak for {{INRconvert|180|c|mode=historical|year=2022}}, before buying another 11% the following year.{{cite news |last1=Bhalerao |first1=Mayur |title=Asian Paints acquires additional 11% stake in White Teak |url=https://www.livemint.com/companies/asian-paints-acquires-additional-11-stake-in-white-teak-11687528824381.html |access-date=9 November 2024 |work=Mint |date=23 June 2023}}

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 company Imperial Chemical Industries, Choksey family's 13.7% shares were mutually bought by the remaining three families and Unit Trust of India. {{As of|2008}}, the Choksi, Dani and Vakil families hold a share of 47.81%.{{cite book|url= https://books.google.com/books?id=YiLBD_IpgIkC |title= India's Global Wealth Club: The Stunning Rise of Its Billionaires and Their Secrets of Success |publisher= John Wiley & Sons |pages=211 |first=Geoff |last=Hiscock |year= 2008 |isbn= 9780470822388 }} Ashwin Dani, the non-executive director of Asian Paints, died on 28 September 2023 at the age of 79.{{cite web |date=28 September 2023 |title=Ashwin Dani, non-executive director of Asian Paints, passes away at 79 |url=https://www.livemint.com/companies/news/ashwin-dani-co-founder-asian-paints-passes-away-at-76-11695891733842.html |publisher=Livemint}}{{cite web |date=28 September 2023 |title=Asian Paints' Ashwin Dani passes away |url=https://www.moneycontrol.com/news/business/asian-paints-ashwin-dani-passes-away-11445081.html |publisher=Moneycontrol}} As per the Forbes list of India's 100 richest tycoons, dated 9 October 2024, Dani family is ranked 36th with a net worth of $8.1 billion.{{Cite web |date=9 Oct 2024 |title=India's 100 Richest |url=https://www.forbes.com/lists/india-billionaires/ |website=India’s 100 Richest}}

As of 12 August 2024{{Cite web |title=Asian Paints Shareholdings |url=https://www.moneycontrol.com/india/stockpricequote/paintsvarnishes/asianpaints/AP31 |last1=Com |first1=Moneycontrol }}

The company along with its subsidiaries have 27 manufacturing facilities across 15 countries serving customer globally in over 60 countries.{{Cite web|title=Asian Paints|url=https://www.asianpaints.com/content/ap/en/home/about-us.html|access-date=2021-06-07|website=www.asianpaints.com|language=en}}

File:Asian Paints Logo.svg

In 1950s, the company launched a "washable distemper", 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. In 1954, "Gattu" – a mischievous boy with a paint bucket in his hand – was launched as mascot. Created by R. K. Laxman, the mascot found appeal with the middle-classes.{{Cite news |url=http://www.business-standard.com/article/management/40-years-ago-and-now-gattu-s-antics-coloured-asian-paints-future-115021201710_1.html |title=40 years ago...And now: Gattu's antics coloured Asian Paints' future |last=Pinto |first=Viveat |date=12 February 2015 |work=Business Standard |access-date=19 November 2016}}

In the 1980s, the festive advertising tagline "Har Ghar Kucch Kehta Hai" (Every home says something) was introduced. 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.

{{Reflist|30em}}

• {{Official website|http://www.asianpaints.com/}}

{{Nifty 200 companies}}

{{S&P CNX Nifty companies}}

{{BSE Sensex}}

{{Authority control}}

Category:Chemical companies of India

Category:NIFTY 50

Category:Indian brands

Category:Paint companies of India

Category:Indian companies established in 1942

Category:BSE SENSEX

Category:Asian Paints

Category:Companies listed on the National Stock Exchange of India

Category:Companies listed on the Bombay Stock Exchange