Nippon Paint is betting on India’s youth dividend to drive its expansion. The company, with a $400 million business in India, plans fresh investments and increased hiring. It also aims to expand local operations and boost exports.
“We are very positive on India,” said Wee Siew Kim, Co-President of Nippon Paint Holdings and Group CEO of NIPSEA Group. “India’s economy is growing, urbanization is rising, and the country remains young. We see huge headroom for growth.”
The company, which began operations in India in 2006, has four divisions—auto refinish, decorative, industrial, and automotive paints (a joint venture with Berger). All divisions are growing, though the decorative segment faces challenges.
Notably, the auto refinish division is led globally from India by Sharad Malhotra. This means that all auto refinish operations worldwide report to India. Similarly, the coil coating division, which supplies the steel industry, is also managed from India.
Both divisions contribute significantly to Nippon Paint’s global revenue. Auto refinish generates $250-$270 million, while coil coating earns $180 million. Including Japan, these businesses total $300-$400 million. Indian leaders set the strategic and technology directions for these segments.
Beyond organic growth, Nippon Paint is also eyeing mergers and acquisitions (M&A). The company has successfully acquired Indian firms in the past two years. One such acquisition helped it enter the Indian railways segment.
The auto refinish division is looking to expand beyond North India. “If we find the right partners or acquisitions in other parts of India, we can strengthen our pan-India presence,” said Kim.
On whether Nippon Paint would consider raising funds through an IPO in India, Kim remained open. “The Indian market is attractive and has rich multiples. If the right opportunity arises, we would consider it.”
The company follows an asset assembler strategy, leveraging Japan’s lower cost of funding to maximize shareholder value. Nippon Paint Holdings is listed on the Tokyo Stock Exchange.
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