Teknovace, one of India’s fastest-growing premium wood coatings companies, has entered into a strategic partnership with German specialty chemicals major Remmers Gruppe SE, marking a ₹300 crore foreign strategic investment. The alliance aims to establish India as a global manufacturing and export hub for advanced wood coatings.
Under the agreement, Remmers will acquire a 50.01% stake in Teknovace in two tranches, representing one of the largest overseas investments in India’s wood coatings segment. The partnership targets India’s domestic wood coatings market—estimated at $1.3 billion and expected to grow at around 11% annually—while also positioning the country as a competitive export base for high-performance and sustainable coating solutions.
Founded in 2019, Teknovace has scaled rapidly in the premium segment, recording a 43% average annual growth rate since inception and posting revenues of ₹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 over 30 countries and brings deep expertise in coatings, construction chemicals, and material science.
The fresh capital will be used to significantly expand Teknovace’s manufacturing and technology footprint. Planned investments include scaling production 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 of 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 supply hub, with Teknovace serving markets across Asia-Pacific, the Middle East, and Africa, while 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 collaborate over the coming decade.