By: ICN Bureau
Last updated : January 09, 2026 11:15 am
The capital infusion will be deployed to significantly expand Teknovace’s manufacturing and technology capabilities
Remmers Gruppe SE, a German specialty chemicals company, is making a Rs. 300 crore foreign strategic investment in Teknovace, an Indian premium wood coatings company.
This investment is part of a strategic partnership aimed at building a global wood coatings manufacturing hub in India.
This strategic investment is well-timed, coinciding with the rapid expansion of India's wood coatings sector. The market, currently valued at around US $1.3 billion (Rs. 10,000 crore), is projected to achieve strong annual growth of 11%, fueled by increasing demand for high-quality furniture, modern interior finishes, and sustainable materials.
Despite India possessing a robust raw material base, the wood coatings segment remains heavily reliant on imports and is primarily controlled by European suppliers. This dynamic presents a substantial opportunity to localize manufacturing and position domestic production as a major player on the global stage.
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 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.”
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.
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.