Osaka [Japan], August 27 : Nippon Paint is looking to expand its manufacturing and research and development operations in India as it seeks to use the country to serve both domestic and overseas markets, the company's India Managing Director Sharad Malhotra said.
The company is also targeting a wider presence across India's paint industry and plans to increase its market share across different segments.
"For Nippon Paint India, this engagement with the Hon'ble Minister on his pathbreaking visit to Japan reflects the ambition we bring to the Indian market. We are focused on expanding our footprint and market share across all paint segments in India and we are building a business that matches the scale of Nippon Paint globally," Malhotra said.
"Alongside, we are also focused on expanding R&D and manufacturing in India for the domestic and the world market," he added.
Malhotra's comments came after senior executives of Nippon Paint Holdings and its Indian arm met Union Commerce and Industry Minister Piyush Goyal during his four-day visit to Japan.
The discussions covered opportunities in India's paints and coatings sector as well as the country's expanding manufacturing and infrastructure market, according to a company press release.
Nippon Paint Holdings Co-President Yuichiro Wakatsuki said India remained one of the group's key growth markets, with the country's manufacturing and infrastructure expansion creating opportunities for the coatings business.
"India continues to be one of the most important growth markets for Nippon Paint Holdings. As the country's manufacturing and infrastructure ambitions accelerate, we see significant opportunity to deepen our presence and contribute meaningfully to India's coatings industry," Wakatsuki said.
The company said it intends to continue expanding its operations in India and build its presence across paint and coatings categories. However, the release did not disclose the size of any proposed investment, additional manufacturing capacity, locations for expansion or a timeline for the plans.
Nippon Paint India currently operates across six businesses, including decorative paints, automotive original-equipment coatings, automotive refinish and commercial vehicle coatings, wood coatings and industrial coatings.