Teknovace–Remmers strategic partnership marks a major milestone in India’s premium wood coatings industry, as Teknovace, one of the country’s fastest-growing premium wood coatings companies, enters into a global alliance with Remmers Gruppe SE, the German leader in speciality construction chemicals and high-performance wood coatings. The collaboration blends Indian manufacturing scale with German technology expertise, signalling a decisive shift toward global-standard wood coatings manufacturing in India.
As part of the strategic investment in India’s wood coatings sector, Remmers plans a ₹300 crore equity investment in Teknovace to acquire a 50.01% controlling stake in two tranches. Among the largest foreign investments in India’s premium coatings market, the deal highlights rising global confidence in India as a future hub for advanced wood coatings, sustainable finishes, and export-led manufacturing.
The investment comes as India’s wood coatings market, currently valued at approximately USD 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. Despite a strong domestic raw material base, the sector remains largely import-dependent and dominated by European suppliers—presenting a major opportunity for India-led manufacturing at a global scale.
Founded in 2019, Teknovace has quickly established itself as a strong domestic challenger in India’s premium wood coatings segment, delivering a 43% annual average growth rate since inception—significantly outperforming the broader paints and coatings industry. The company reported revenues of ₹57.1 crore in FY25, operates two manufacturing facilities with a current capacity of 6,000 tonnes per annum, and reaches customers through a nationwide network of branches and dealers. Established in 1949, Remmers operates in over 30 countries and brings more than 75 years of global expertise in advanced coatings, construction chemicals, and material science.
The strategic capital infusion will be deployed to substantially scale Teknovace’s manufacturing and technology capabilities. Planned expansions include increasing wood coatings capacity from 6,000 tonnes to 60,000 tonnes per annum, setting up an integrated UV coatings facility, establishing an in-house resin manufacturing unit, and developing a greenfield construction chemicals plant in India. The partnership also envisions a global R&D centre in India, integrating Remmers’ advanced technology platforms with Teknovace’s R&D-driven manufacturing strength.
Beyond domestic expansion, the alliance aims to position India as a global manufacturing and export hub for advanced coatings. Teknovace will supply key international markets across Asia-Pacific, the Middle East, and Africa, while also serving as a manufacturing and sourcing partner for select global markets through Remmers’ international network.ufacturing and sourcing partner for select global markets through Remmers’ international network.
Commenting on the partnership, Pankaj Singh, Managing Director, Teknovace, said, “This partnership with Remmers 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.”
Nikhil Mahapatra, Executive Director, Teknovace, added, “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.”
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.”
Under the long-term partnership, Remmers will take an active role in shaping strategy, enabling advanced technology transfer, and integrating Teknovace into global markets over the next decade. The transaction was advised by Bathiya Advisors as the exclusive strategic, financial, and deal advisor to Teknovace and the selling shareholders, while PwC and JSA served as financial and legal advisors to Remmers, respectively—bringing the landmark cross-border collaboration to fruition.
