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Teknovace, Remmers Forge Rs 3 Bn Deal for Global Coatings Hub

2026-01-09

Teknovace has entered into a strategic global partnership with Germany-based Remmers Gruppe SE to build a large-scale, export-oriented wood coatings manufacturing platform in India. As part of the alliance, Remmers will make a strategic equity investment of Rs 3 billion to acquire a 50.01 per cent stake in Teknovace in two tranches, marking one of the largest foreign strategic investments in India’s wood coatings sector.

The partnership comes at a time when India’s wood coatings market, valued at around $1.3 billion (Rs 100 billion), is growing at an estimated 11% annually, driven by demand for premium furniture, interior finishes and sustainable materials. Despite a strong domestic raw material base, the segment remains import-dependent, presenting an opportunity to develop globally competitive manufacturing capabilities within the country.

Founded in 2019, Teknovace has emerged as a fast-growing player in premium wood coatings, recording a 43 per cent annual average growth rate since inception. The company reported revenues of Rs 570.1 million in FY25 and currently operates two manufacturing facilities with a combined capacity of 6,000 tonne per annum. Remmers, founded in 1949, operates in more than 30 countries and brings over 75 years of expertise in speciality construction chemicals and high-performance wood coatings.

The proposed investment will be used to expand Teknovace’s production capacity to 60,000 tonnes per annum, establish an integrated UV coatings facility, set up an in-house resin manufacturing unit and build a greenfield construction chemicals plant in India. The partnership also includes plans to create a global R&D centre in India, combining Remmers’ technology platforms with Teknovace’s manufacturing and application expertise.

“This partnership with Remmers is not just about capital; it is about building a deeply integrated, technology-led manufacturing ecosystem in India,” said Pankaj Singh, Managing Director, Teknovace. Dirk Sieverding, Chairman of the Board, CEO & Co-owner, Remmers Group, said, “This partnership reflects our confidence in India as a global manufacturing hub.”

The alliance aims to position India as a global sourcing and export base for advanced coatings across multiple international markets.

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