Teknovace partners with German Speciality Chemicals Leader Remmers in ₹300 Crore Strategic Investment to Build Global Wood Coatings Manufacturing Hub in India

by Priya Jadhav 

The partnership aims to tap into India’s USD 1.3 billion domestic wood coatings market while positioning India as a global export base for advanced coatings

Mumbai, India | January 8, 2026: Teknovace, one of India’s fastest-growing premium wood coatings companies, has entered into a strategic global partnership with Remmers Gruppe SE, an independent, family-owned German leader in speciality construction chemicals and high-performance wood coatings. As part of this partnership, Remmers plan to make a ₹300 crore strategic equity investment in Teknovace to acquire a 50.01% stake in two tranches, marking one of the most significant foreign strategic investments in India’s wood coatings sector to date.

The strategic investment comes at a time when India’s wood coatings market—valued at approximately USD 1.3 billion (₹10,000 crore)—is projected to grow at 11% annually, driven by rising demand for premium furniture, interior finishes, and sustainable materials. Despite India’s strong raw material base, the segment remains largely import-dependent and dominated by European suppliers, creating a significant opportunity for domestic manufacturing on a global scale.

Founded in 2019, Teknovace has rapidly emerged as a strong domestic challenger in the premium wood coatings segment, delivering a 43% annual average growth rate since inception, far outpacing the broader paints and coatings industry. The company recorded revenues of 57.1 crore in FY25, operates two manufacturing facilities with a current capacity of 6,000 tonnes per annum, and serves customers through a nationwide network of branches and dealers. Remmers, founded in 1949, operates across more than 30 countries and brings over 75 years of global expertise in advanced coatings, construction chemicals, and material science.

The capital infusion will be deployed to significantly expand Teknovace’s manufacturing and technology capabilities. This includes scaling wood coatings production capacity from 6,000 tonnes to 60,000 tonnes per annum, setting up an integrated UV coatings manufacturing facility, establishing an in-house resin manufacturing unit, and building a greenfield construction chemicals factory in India. The partnership also envisages the creation of a global R&D centre in India, combining Remmers’ advanced technology platforms with Teknovace’s R&D-led manufacturing expertise.

Beyond domestic growth, the alliance is designed to position India as a global manufacturing and export hub for advanced coatings. Teknovace will directly supply markets across Asia-Pacific, the Middle East, and Africa, while also acting as a manufacturing and sourcing partner for select global markets through Remmers’ international network.

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. Together with Remmers, we aim to change that equation by building global-scale manufacturing, backward-integrated capabilities, and export-ready platforms that position India as a serious player in the global coatings value chain.”

Nikhil Mahapatra, Executive Director, Teknovace, added, “Teknovace has always been built on capital efficiency, strong R&D, and a deep understanding of the Indian market. With Remmers’ technology leadership and global market access, we now have the opportunity to accelerate our growth journey, expand into construction chemicals and UV coatings, and create a future-ready coatings platform that is competitive not just in India, but globally.”

Dirk Sieverding, Chairman of the Board, CEO & Co-owner, Remmers Group, said, “India is a strategic market for Remmers’ long-term global growth. Teknovace combines strong technical capability, entrepreneurial agility, and scalable manufacturing—making it an ideal partner for us. This partnership reflects our confidence in India as a global manufacturing hub and our shared ambition to build sustainable, high-performance coatings solutions for international markets.”

Under the partnership, Remmers will play an active role in strategy, technology transfer, and global market integration, working closely with Teknovace over the next decade. Bathiya Advisors acted as the exclusive strategic, financial and deal advisor to Teknovace and the selling shareholders. PwC and JSA acted as the financial and legal advisors to Remmers, respectively.

About Teknovace

Founded in 2019 by a team of technocrats with backgrounds from NIT and the Institute of Chemical Technology (ICT), Teknovace is an Indian speciality coatings company focused on premium wood coatings and advanced surface solutions. Built as a research-led manufacturing organisation, the company serves the furniture, interior, and architectural finishes segments with a strong emphasis on performance, durability, and application reliability.

Headquartered in India, Teknovace operates two manufacturing facilities with a combined production capacity of 6,000 tonnes per annum and maintains a nationwide footprint through multiple branches, warehouses, and technical service centres. The company is supported by a growing team of over 170 professionals, with a significant share of its workforce dedicated to research, product development, and technical services.

Since its inception, Teknovace has delivered a 43% annual average growth rate, significantly outperforming the broader paints and coatings industry, and recorded revenues of 57.1 crore in FY25 while remaining profitable every year. The company was recognised by The Economic Times as the Fastest Growing Paints & Coatings Company based on its five-year growth trajectory.

With a strategic focus on backward integration and technology-led scale, Teknovace is expanding into advanced coating technologies, including UV systems, construction chemicals, and in-house resin manufacturing. As it scales its domestic presence and export capabilities, the company aims to build a globally competitive, fully integrated coatings manufacturing and innovation platform anchored in India.