PPG Industries said Friday that it received necessary
approvals from Indian authorities to expand its coatings joint
venture and also to create a second joint venture with Asian
Paints Ltd. (APL), Indias largest coatings
Financial terms were not disclosed.
PPG and APL will expand their current 50-50 joint venture,
Mumbai-based Asian PPG Industries, to now serve Indias industrial liquid,
marine, consumer packaging and transportation coatings
PPG and APL also will form a second 50-50 joint venture,
Asian Paints PPG Ltd., to serve protective, industrial powder,
industrial container and light industrial coatings customers,
The expansion of PPGs more than
15-year successful relationship with Asian Paints will position
both companies for accelerated growth in nondecorative coatings
to take advantage of the long-term growth of the Indian
economy, said Mike Horton, president of PPG Asia Pacific,
and vice president of automotive refinish and architectural
coatings, Asia Pacific.
Both joint ventures leverage PPGs global scale, technology and customer
relationships with APLs Indian customer base, manufacturing
footprint, distribution channels and local relationships,
according to Horton.
PPG will have effective management control of Asian PPG
Industries, and APL will have effective management control of
Asian Paints PPG Ltd.