PITTSBURGH – PPG Industries has received the necessary approvals from Indian authorities to expand its coatings joint venture and also to create a second joint venture with Asian Paints Ltd. (APL), India’s largest coatings company. Financial terms were not disclosed.
PPG and APL will expand their current 50-50 joint venture, Mumbai-based Asian PPG Industries, to now serve India’s industrial liquid, marine, consumer packaging and transportation coatings customers. PPG and APL also will form a second 50-50 joint venture, Asian Paints PPG Limited, to serve protective, industrial powder, industrial container and light industrial coatings customers.
Both joint ventures leverage PPG’s global scale, technology and customer relationships with APL’s Indian customer base, manufacturing footprint, distribution channels and local relationships, according to Mike Horton, President, PPG Asia Pacific, and Vice President, Automotive Refinish and Architectural Coatings, Asia Pacific.
PPG will have effective management control of Asian PPG Industries, and APL will have effective management control of Asian Paints PPG Limited to best utilize the companies’ respective strengths for capturing the growth in Indian markets, including infrastructure development, Horton said.
Report Abusive Comment