German company Remmers to acquire 50.1% stake in Teknovace for ₹300 crore

Remmers Gruppe SE, a family-owned German company specializing in high-performance wood coatings and construction chemicals, has announced the acquisition of a 50.1% stake in Teknovace Wood Coatings Pvt. Ltd., one of India’s fastest-growing premium wood coatings companies. The investment, valued at ₹300 crore, will be executed in two tranches — with 26% already acquired and the remaining 24.1% to follow after 48 months. Upon completion, Remmers will have two representatives on the board, and the company will be renamed Teknovace Remmers Private Ltd.

The capital infusion will drive a major expansion of Teknovace’s manufacturing and technology infrastructure. Plans include increasing wood coatings production capacity from 6,000 to 60,000 tonnes per annum, establishing an integrated UV coatings facility, setting up an in-house resin manufacturing unit, and constructing a greenfield plant for construction chemicals in India.

Additionally, the partnership will establish a global R&D centre in India, merging Remmers’ advanced technology platforms with Teknovace’s innovation-driven manufacturing expertise.

Beyond domestic growth, the collaboration aims to make India a global manufacturing and export hub for advanced coatings. Teknovace will cater directly to markets across Asia-Pacific, the Middle East, and Africa, while also serving as a manufacturing and sourcing partner for select global regions through Remmers’ international network.

Pankaj Singh, Managing Director, Teknovace, said, “This partnership 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, said, “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.”

As part of the partnership, Remmers will take an active role in shaping strategy, facilitating technology transfer, and driving global market integration in close collaboration with Teknovace over the next decade. This strategic investment aligns with the rapid expansion of India’s wood coatings market, currently valued at around $1.3 billion (₹10,000 crore) and expected to grow at an annual rate of 11%, fueled by increasing demand for premium furniture, high-quality interior finishes, and sustainable materials.

Source: The Hindu