Remmers’ ₹300 Crore bet on Teknovace could reshape the wood coatings for furniture & modular interiors industry in India.
India’s furniture and home improvement market has seen a strategic milestone with German coatings and construction chemicals major Remmers investing ₹300 crore in Teknovace, a fast-growing Indian maker of wood coatings for furniture and premium interior applications. The deal gives Remmers a 50.01% stake and marks one of the largest foreign strategic investments in India’s wood coatings for furniture segment—an input category that is becoming critical for modular kitchens, panel furniture and branded home interiors.
India’s wood coatings market, estimated at US$ 1.3 billion (₹10,000 crore), is being reshaped by demand for premium engineered panels, UV-curable systems, and consistent finish performance across factories. Much of this capability has historically come from imported European technologies. The partnership aims to localise advanced coatings know-how and position India as a coatings manufacturing hub for both domestic consumption and exports.
“We see this partnership not just as capital but as an opportunity to build a deeply integrated, technology-led manufacturing ecosystem in India,” said Pankaj Singh, Managing Director, Teknovace. “Despite a strong raw material base, India has been a net importer of high-performance wood coatings. Together with Remmers, we aim to change that equation.”
Teknovace serves OEM furniture manufacturers, modular kitchen brands, panel furniture companies and interior contractors—segments that require durability, clarity, touch-appeal and fast curing systems. The company has grown at 43% CAGR since 2019, closing FY25 at ₹57.1 crore. Remmers, a 75-year-old global company, brings R&D strength in wood coatings, UV coating technologies, and construction chemicals.
Under the partnership, Teknovace plans to expand production capacity from 6,000 tonnes to 60,000 tonnes per annum and backward-integrate into resins, UV systems and construction chemicals. A global R&D centre is planned in India to enable technology transfer and export certifications.
“Teknovace has prioritised capital efficiency, R&D and market understanding,” says Nikhil Mahapatra, Executive Director, Teknovace. “With Remmers’ know-how, we can now build a future-ready coatings platform that competes globally across wood coatings, UV systems and construction chemicals.”
From Remmers’ perspective, India’s home improvement sector is moving into a scale phase. “India is a strategic market for Remmers’ long-term plans,” says Dirk Sieverding, Chairman & CEO, Remmers Group. “Teknovace offers technical capability and scalable manufacturing—qualities that make it an ideal partner.”
B2B Implications for the Furniture & Modular Kitchen Ecosystem
For industry observers, the partnership signals a shift toward technology-led consolidation in India’s coatings ecosystem—a market historically fragmented and dominated by imported European systems. As panel furniture and modular kitchen finishes scale, OEMs are demanding faster curing, environmental compliance, improved tactile finishes and consistency across production.
Integrating UV-curable coatings, resins and construction chemicals positions Teknovace as a full-stack coatings platform rather than a category specialist. This could influence sourcing behaviour across furniture OEMs, modular brands, interior contractors, developers and exporters.
Why It Matters for India’s Home Improvement Economy
A stronger domestic ecosystem for industrial and specialty coatings could:
- reduce import-dependence for performance finishes
- enable faster build cycles for modular kitchens and wardrobes
- improve consistency for furniture manufacturing in India
- enhance export readiness for panel furniture and OEM brands
- bring European-grade finishes into mid-market interiors
Part of a Broader Building Materials Pattern
Analysts note that global building materials companies are no longer treating India only as a consumption market, but as a manufacturing and R&D centre for the region. If successfully executed, the Teknovace–Remmers partnership could accelerate technology transfer and intensify competition in wood coatings for furniture and advanced interior finishes, two segments closely tied to India’s emerging home improvement economy.
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