Asian Paints Limited (BSE: 500820, NSE: ASIANPAINT) is a multinational paint company based in Mumbai, Maharashtra. The company is engaged in the business of manufacturing, selling and distributing paints, coatings, products related to home decoration, bathroom accessories and the provision of related services. Asian Paints is the largest painting corporation in Asia and the fourth largest in India. As of 2015, it has the largest market share with 54.1% in the Indian paint industry. Asian Paints is the holding company of Berger International.
History
The company was installed in a garage in Mumbai by four friends Champaklal Choksey, Chimanlal Choksi, Suryakant Dani and Arvind Vakil in February 1942. During World War II and Quit India Movement of 1942, a temporary ban on paint imports left only To foreign companies and Shalimar Paints in the market. Asian Paints took the market and reported an annual turnover of ₹ 23 crore in 1952, but with a PBT margin of 2%. In 1967 it became the main manufacturer of paints in the country.
The four families together held the majority of the company's shares. But disputes began over global rights in the 1990s when the company expanded beyond India. The disputes resulted in Choksey selling his shares of 13.7% and coming out in 1997. Champaklal died in July 1997 and his son Atul took over. Following the failure of collaborative talks with the British company Imperial Chemical Industries, Choksey shares were purchased from each other by the remaining three families and Unit Trust of India. As of 2008, the Choksi, Dani and Vakil families have a 47.81% share.
In the 1950s the company released a "washable distemper", which was a balance between cheap dry distemper that peeled easily and the most expensive plastic emulsions. Promoting its brand Tractor Distemper, the company used "Do not lose your temper, use Distemper Tractor" in your ads. In 1954, "Gattu" - a mischievous child with a paint bucket in his hand - was released as a pet. Created by R. K. Laxman, the mascot found appeal to the middle classes. It was only used in print ads and packaging until the 1970s and by the 1990s it was also seen in television commercials. Gattu helped bring the business of painters led by the commodities to the end users of the owners. Ogilvy & Mather, the advertising agency associated with Asian Paints, launched the marketing strategy focusing on festive occasions in the 1980s with its label line "Har Ghar Kuch Kehta Hain". Related to festivals and important life events such as marriages and childbirth, the company announced it as an occasion to paint connecting homes on the emotional level. In the 1990s, ads focused on the exteriors of home focusing on how paints could keep the exteriors timeless. The company renewed its corporate identity in 2000s and defeated Gattu as its mascot and later changed its "Asian Paint" logo to a shorter AP.