Teknovace, one of India’s fastest-growing premium wood coatings companies, entered into a strategic partnership with Germany-based specialty chemicals major Remmers Gruppe SE. The alliance involves a foreign strategic investment of ₹300 crore and aims to position India as a global manufacturing and export hub for advanced and sustainable wood coatings.
Remmers to Acquire Majority Stake
Remmers will acquire a 50.01 percent stake in Teknovace through two tranches. Notably, this transaction ranks among the largest overseas investments in India’s wood coatings segment. Through this majority holding, Remmers will actively participate in shaping the company’s long-term strategy and global integration.
Targeting a High-Growth Domestic Market
At the same time, the partnership is focused on capturing opportunities in India’s rapidly expanding wood coatings market, currently valued at around $1.3 billion and projected to grow at nearly 11 percent annually. The alliance combines local manufacturing strengths with global technology. It aims to accelerate penetration in the premium and high-performance coatings segment.
Strong Growth Track Record
Founded in 2019, Teknovace has scaled quickly in a competitive market. Since inception, the company has delivered an average annual growth rate of 43 per cent and reported revenues of ₹57.1 crore in FY25. Currently, it operates two manufacturing facilities with a combined capacity of 6,000 tonnes per annum, serving customers across multiple regions.
Capacity Expansion and Technology Investments Planned
The fresh capital infusion will support a significant expansion of Teknovace’s manufacturing and technology footprint. Planned investments include scaling production capacity to 60,000 tons per annum and setting up UV coatings and resin manufacturing units. The company also plans to establish a greenfield construction chemicals plant and create a global research and development centre in India.
Leadership Emphasises Technology-Led Manufacturing
Pankaj Singh, Managing Director of Teknovace, highlighted its strategic intent. He said the alliance goes beyond capital infusion and focuses on building a deeply integrated, technology-driven manufacturing ecosystem in India. He also noted that despite a strong raw material base, India has traditionally relied on imports for high-performance wood coatings.
Building India as a Global Supply Hub
Beyond the domestic market, the alliance aims to position India as a key global supply base. Teknovace will cater to markets across Asia-Pacific, the Middle East, and Africa. It will also support select global markets through Remmers’ international distribution network. As reported by globalflowcontrol.com, over the next decade, Remmers will play an active role in strategy development, technology transfer, and global market integration. This will strengthen India’s role in the global wood coatings value chain.
