Asian Paints

Asian Paints Ltd.
Formerly	Asian Oil and Paint Company Pvt. Ltd. (1945–1965) ; Asian Paints (India) Pvt. Ltd. (1965–1973)
Company type	Public
Traded as	BSE: 50082; NSE: ASIANPAINT; BSE SENSEX constituent; NSE NIFTY 50 constituent;
ISIN	INE021A01026
Industry	Chemicals
Founded	1 February 1942; 82 years ago
Founders	Champaklal Choksey; Chimanlal Choksi; Suryakant Dani; Arvind Vakil;
Headquarters	Mumbai, Maharashtra, India
Area served	Worldwide
Key people	Manish Choksi (Vice Chairman); Amit Syngle (CEO);
Products	Chemicals; Decorative paints; Industrial finishing products; Coatings;
Revenue	₹36,183 crore (US$4.3 billion) (2024)
Operating income	₹7,215 crore (US$860 million) (2024)
Net income	₹5,558 crore (US$670 million) (2024)
Total assets	₹29,924 crore (US$3.6 billion) (2024)
Total equity	₹19,424 crore (US$2.3 billion) (2024)
Number of employees	7,160 (2021)
Website	asianpaints.com

Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai.^[3] The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services.

Asian Paints is India's largest paints company by market share.^[6]^[7]^[8] The company's manufacturing operations encompass 15 countries of the world including India, with considerable presence in the Indian subcontinent and the Middle East.^[9] It has 27 paint manufacturing facilities, servicing consumers in over 60 countries. Asian Paints is also present in the Home Improvement and Décor space in India.^[10]

History

The company was started in a garage in Gaiwadi, Girgaon, Mumbai by four Gujarati friends Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil.^[3] They all belong to Jain families, and founded the company 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 ₹23 crore in 1952 but with only 2% PBT margin. By 1967, it became the leading paints manufacturer in the country.^[11]^[12]

The four families together held the majority shares of the company. But disputes started over the global rights in 1990s when the company expanded beyond India. The disputes resulted in Choksey selling their 13.7% shares and exiting in 1997. Champaklal died in July 1997 and his son Atul took over. After failed collaboration talks with the British company Imperial Chemical Industries, Choksey's shares were mutually bought by the remaining three families and Unit Trust of India. As of 2008^[update], the Choksi, Dani and Vakil families hold a share of 47.81%.^[12] Ashwin Dani, the non-executive director of Asian Paints, died on September 28, 2023, at the age of 79.^[13]^[14]

In 2013, it acquired 96.48% stake in Berger International Singapore.^[15]

In 2022, it acquired 49% stake in Obgenix Software Private Limited (popularly known by the brand name “White Teak”).^[16]

Manufacturing locations

The company along with its subsidiaries have 27 manufacturing facilities across 15 countries serving customer globally in over 60 countries.^[17]


S.No.	Countries	Number of Manufacturing plants	Location/operating Brand
1	India	10	Ankleshwar & Sarigam (Gujarat), Patancheru (Telangana), Kasna (Uttar Pradesh), Sriperumbudur (Tamil Nadu), Rohtak (Haryana), Khandala & Taloja (Maharashtra), Mysuru (Karnataka), Visakhapatam (Andhra Pradesh)
2	Sri Lanka	2	Asian Paints Causeway
3	Nepal	2	Asian Paints
4	Bangladesh	1	Asian Paints
5	Indonesia	1	Asian Paints
6	Fiji	1	Apco Coatings & Taubmans
7	Samoa Islands	1	Taubmans
8	Vanuatu		Apco Coatings
9	Solomon Islands		Apco Coatings
10	Oman	1	Asian Paints Berger
11	Bahrain	1	Asian Paints Berger
12	UAE	1	Asian Paints Berger
13	Egypt	2	SCIB Paints
14	Ethiopia	3	Kadisco Asian Paints
Total		26

Ownership structure

The company has 12 institutional owners and shareholders that are investing through Securities Exchange Commission (SEC). Largest stakeholders include Bridge Builder International Equity Fund, and Touchstone Sands Capital Emerging Markets Growth Fund.^[18]

Shareholding pattern

As of 12 August 2024^[19]


Category of Shareholder	Shareholding
Promoter Group	52.63%
FII	15.27%
DII	12.36%
Public	19.68%
Others	0.06%
Total	100%

Marketing and advertising

Logo used until 2012

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.^[11] 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.^[20]

He was used only in print advertisements and packaging till 1970s and by 1990s, was also seen on television advertisements.^[20] Ogilvy & Mather, the advertising agency associated with Asian Paints, launched marketing strategy by focusing on festive occasions in 1980s with their tag line "Har Ghar Kucch Kehta Hai" (Every home says something). In 1990s, the advertisements focused on the home exteriors.^[20] 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.^[20]