Remmers Gruppe SE is making a foreign strategic investment of INR 3 billion in Teknovace Private Limited, an Indian premium wood coatings company, to establish a global wood coatings manufacturing hub in India. The investment forms part of a strategic partnership focused on expanding manufacturing capacity, strengthening technology capabilities, and developing India as a base for domestic supply and exports.
The capital infusion will be deployed to expand Teknovace’s wood coatings production capacity from 6,000 tonnes per annum to 60,000 tonnes per annum. Planned investments include the establishment of an integrated ultraviolet (UV) coatings manufacturing facility, the creation of an in-house resin manufacturing unit, and the development of a greenfield construction chemicals manufacturing facility in India.
The partnership also includes plans to set up a global research and development centre in India. The proposed centre will combine Remmers’ technology platforms with Teknovace’s research-led manufacturing capabilities to support product development for domestic and international markets.
Beyond the Indian market, the collaboration is structured to support exports to Asia-Pacific, the Middle East, and Africa. Teknovace will also serve as a manufacturing and sourcing partner for selected international markets through Remmers’ global network.
“This partnership with Remmers is not just about capital; it is about building a deeply integrated, technology-led manufacturing ecosystem in India,” said Pankaj Singh, Managing Director of Teknovace Private Limited. “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 of Teknovace, said the collaboration would enable the company to expand into construction chemicals and UV coatings while strengthening its research and development focus.
Dirk Sieverding, Chairman of the Board, Chief Executive Officer and Co-owner of Remmers Group, said India is a strategic market for the company’s long-term growth and that Teknovace’s manufacturing and technical capabilities align with Remmers’ international expansion plans.
Under the partnership, Remmers will participate in strategy, technology transfer, and global market integration over the next decade. Bathiya Advisors acted as the strategic, financial, and deal advisor to Teknovace and the selling shareholders, while PwC and JSA advised Remmers on financial and legal matters, respectively.
The investment coincides with the expansion of India’s wood coatings sector, which is currently valued at approximately USD 1.3 billion, equivalent to around INR 100 billion. The market is projected to grow at an annual rate of about 11 percent, supported by demand from organised furniture manufacturing, modern interior applications, and increased use of sustainable materials.
The companies said that although India has a strong raw material base, the wood coatings segment remains dependent on imports and is largely supplied by European manufacturers. This structure, they noted, creates scope for local manufacturing at scale and for integrating India into global coatings supply chains.
Founded in 2019, Teknovace is an Indian specialty coatings company focused on premium wood coatings and advanced surface solutions.
