CHENNAI: Teknovace, one of India’s fastest-growing premium wood coatings companies, has entered into a strategic partnership with German speciality chemicals major Remmers Gruppe SE, marking a Rs 300 crore foreign strategic investment. The partnership is aimed at building a global wood coatings manufacturing hub in India. Under the agreement, Remmers will acquire a 50.01 percent stake in Teknovace in two tranches, in one of the largest overseas investments in India’s wood coatings segment.
The partnership targets India’s domestic wood coatings market, estimated at about $1.3 billion, while positioning the country as an export base for advanced and high-performance coatings. The market is expected to grow at around 11 percent annually, driven by rising demand for premium furniture, interior finishes and sustainable materials, even as it remains heavily dependent on imports.
Founded in 2019, Teknovace has grown rapidly in the premium wood coatings space, recording a 43 percent annual average growth rate since inception and posting revenues of Rs 57.1 crore in FY25. The company currently operates two manufacturing facilities with a combined capacity of 6,000 tonnes per annum. Remmers, established in 1949, operates in more than 30 countries and brings decades of expertise in coatings, construction chemicals and material science.
Under the agreement, the fresh capital will be used to sharply expand Teknovace’s manufacturing and technology footprint, including scaling capacity to 60,000 tonnes per annum, setting up UV coatings and resin manufacturing units, establishing a greenfield construction chemicals plant, and creating a global research and development centre in India.
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."
Beyond the domestic market, the alliance aims to position India as a global manufacturing and export hub, with Teknovace supplying markets across Asia-Pacific, the Middle East and Africa, and supporting select global markets through Remmers’ international network. Remmers will play an active role in strategy, technology transfer and global integration as the two companies work together over the coming decade.