PPG and Asian Paints Extend India Joint Venture for 15 Years

PPG Industries and Asian Paints Ltd. have extended their joint venture in India for another 15 years, from 2026 to 2041. The agreement will continue to support various sectors, including industrial, marine, packaging, and automotive. PPG will maintain management control over PPG Asian Paints Private Ltd., while Asian Paints will focus on protective and powder coatings through Asian Paints PPG Private Ltd. This renewal reinforces the companies' commitment to the Indian market and their long-standing relationship.

PPG Industries (NYSE: PPG) and Asian Paints Ltd. have announced the extension of their joint venture agreement in India for another 15 years, effective from 2026 to 2041. The renewal will continue to support various sectors, including industrial, marine, packaging, and automotive. PPG will maintain management control over PPG Asian Paints Private Ltd., while Asian Paints will focus on protective and powder coatings through Asian Paints PPG Private Ltd. This extension underscores the companies' commitment to the Indian market and their long-standing relationship.

The initial joint venture, PPG Asian Paints Private Ltd., was established in 1997 to service the automotive, refinish, marine, and consumer packaging markets. In 2012, a second joint venture, Asian Paints PPG Private Ltd., was created to address protective and powder coatings. Both ventures will continue to leverage PPG's technical expertise and global footprint.

"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 extension of the joint venture agreement is a significant development, particularly given India's status as one of the world's fastest-growing economies. The renewed partnership will enable both companies to continue delivering advanced solutions across the specified market segments.

PPG Industries is a global leader in paints, coatings, and specialty materials, with operations in more than 70 countries and reported net sales of $15.8 billion in 2024. Asian Paints, on the other hand, is India's leading paint and decor company, ranked among the top eight coatings companies globally, with a consolidated turnover of ₹ 33,797 crores (₹ 338 billion) and a market capital of approximately ₹ 2,276 billion.

The extension of the joint venture agreement reflects the strategic importance of the Indian market for both companies. By continuing their collaboration, PPG and Asian Paints aim to capitalize on the growing demand for high-quality coatings and specialty materials in various sectors.

References:
[1] https://www.businesswire.com/news/home/20250804227636/en/PPG-Asian-Paints-renew-India-joint-venture-in-15-year-agreement
[2] https://www.nasdaq.com/articles/ppg-asian-paints-extend-joint-ventures-india-through-2041
[3] https://www.morningstar.com/news/business-wire/20250804227636/ppg-asian-paints-renew-india-joint-venture-in-15-year-agreement