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AkzoNobel India inaugurates powder coatings facility in Mumbai
Industry News- Mar 01,18
The company reinforces its commitment to India with an investment of INR 650 million thereby strengthening its market position.
The company reinforces its commitment to India with an investment of INR 650 million thereby strengthening its market position.
AkzoNobel, a leading global paints and coatings company, made a statement in the Indian market with the inauguration of its powder coatings facility, with an investment of INR 650 million. Located in Thane, Mumbai, this is AkzoNobel’s sixth facility in India.
Speaking at the inauguration ceremony, Thierry Vanlancker, CEO, AkzoNobel N.V. said, “India continues to be a high-growth market for AkzoNobel and the launch of the new Powder Coatings facility will only further strengthen our manufacturing footprint in the country. With this plant we intend to increase capacity in the region, which forms an important part of our organic growth plan.”
He added, "AkzoNobel is one of the top three coatings company in the world and India is the single biggest opportunity for us with very fast growing market so for us it was a key point to not only be present but also to move forward with strength."
Sharing his views, Jayakumar Krishnaswamy, Managing Director, AkzoNobel India said, “AkzoNobel India Powder Coatings has been delivering a strong profitable growth. The new facility plays a critical role in AkzoNobel India’s expansion plans and provides a boost to our access to the markets located in Northern & Western parts of India.
The new facility will complement AkzoNobel’s existing plant in Bangalore, adding new product lines in bonded metallic powder and pipe and re-bar coatings. This plant has been built with world class processes and it is an example for the international counterparts to deliver complex project on time within budget without surprises.
AkzoNobel is the largest global manufacturer of powder coatings and a world leader in powder coatings technology. The company recently agreed to acquire the business of V.Powdertech Co., Ltd., the leading Thai manufacturer of powder coatings, supplying a range of products for domestic appliances, furniture and general industrial applications.
Excerpts from the interaction with Jayakumar Krishnaswamy, Managing Director, AkzoNobel India...
How would you describe AkzoNobel Indian journey in brief
AkzoNobel is the world's largest powder coating manufacturer and in most geographies around the globe, we are either first or second and in India we are in a good leading position here. Way back about 3-5 years ago we were struggling with capacity and also had a bunch of new sales team. However our team did a tremendous job to turn around the business and got the needed growth. We have observed a growth of 15% CAGR for last few years and we expect to maintain the momentum. Thats the story of powder coatings in India.
Could you elaborate on the need for setting up this plant?
Powder coating is the fastest growing businesses in India for AkzoNobel. We operate in many segments in India but this is the business which is really growing double digit and for past time time many customers have replied to us saying we do not have the capacity for the demand. This is the reason we have this factory churning out powder from every possible place and we will commit to all our customer demands in the coming years.
How important is the Indian market for the company?
Ans. India is one of the most important destinations for AkzoNobel globally, since we have grown in last many years. the GDP growth that we are forecasting for the next 5-10 years is that, we are expecting the market to be doubled. Accordingly we have solid plans to double our revenue in this business in the coming few years.
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