Nerolac Paints – 100 Years-old Almost Debt-free Company

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Kansai Nerolac Paints Limited (KNPL) is an almost debt free, more than 100 years old company engaged in manufacturing automotive coatings, refinishes, industrial coatings, architectural and construction materials, and marine coating. It is subsidiary of Kansai a Japanese, Osaka-based chemical company and one of the world’s top 10 coating manufacturers.

Current Price-: 597 Rs

Established in 1920 as Gahagan Paints and Varnish Co. Ltd. at Lower Parel in Bombay it was only in 1930, when three British companies merged to formulate Lead Industries Group Ltd which  acquired Gahagan Paints and thus as a result, Goodlass Wall (India) Ltd. was born.

In 1957, Goodlass Wall Pvt. Ltd. grew popular as Goodlass Nerolac Paints (Pvt.)Ltd. With the acquisition of entire stake of Forbes Gokak and its associates by Kansai Paints it became the subsidiary of the latter in 1999.

In 2006, the name of the company was changed from Goodlass Nerolac Paints Ltd.(GNPL) to Kansai Nerolac Paints Ltd.

Kansai Nerolac Paints Limited (KNPL), erstwhile Goodlass Nerolac Paints Ltd, is the second largest paint company in India and is the leader in industrial segment.

The company has five strategically located manufacturing units all over India and a strong dealer network across the country supported by a strong network of 27,500 dealers, 20,000 colour-tinting machines, and 104 depots.

The company manufactures a diversified range of products ranging from decorative paints coatings for homes, offices, hospitals and hotels to sophisticated industrial coatings for most of the industries.

The company markets its products under the brand names Nerolac, Glossolite, Goody, Allscapes, Excel, in decoratives.

The group has presence across product ranges and focuses on premium and innovative brands such as Nerolac Impressions, metallic finish, Beauty Gold, Suraksha Plus, Excel Top Guard and water-based enamels that support sales growth. The Soldier brand focussed on the rural market is also seeing good traction.

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KNPL is a leader in Industrial coatings. Leveraging its position as priority supplier across various automotive OEMs and ancillaries, the company now has substantial presence in Performance coatings & Powder coating.

It has continued to venture into newer areas of Wood coating, Adhesives, Transportation coatings, Coil & Rebar coatings ,Super durable powders, Construction chemicals.

During the year 2020-21,Kansai Nerolac Paints celebrates its 101st year and has been at the forefront of paint manufacturing pioneering a wide spectrum of quality paints. Kansai Nerolac is one of the leading paint company in India and is the leader in Industrial paints.

Technical Assistance

Technical Assistance Agreements of the company with renowned players in paint industry at international level puts the company in a strong position to offer products which meets stringent international specifications.

It started in 1993 when the company tied-up with Kansai Paints of Japan (for manufacture of Sophisticated architectural Coatings) and Nihon Tokushu Torya Co. Ltd also of Japan (for body seal and under seal coatings).

Company also tied up for technical assistance agreement with Dupont Performance Coatings GmbH & Co. KG, Germany for know-how of manufacture of Anodic Electro-deposition Coatings System during the year 2000-01.

The company’s other Technical Assistance agreements include E.I. Dupont De Nemours & Co. Inc. of USA for automotive coatings; Oshima Kogyo Company Ltd., of Japan for heat resistant paints; Valspar Corporation of US for powder coatings; Drew Chemicals Corporation of US for water and fuel treatment chemicals and Ameron Inc. USA for high performance coatings.

Investments in Subsidiaries / Acquisitions

During 2005-2006, the company made an investment in a Malaysian Company, a JV company between the company and Kansai Paint Co Ltd., Japan (Kansai), where the company will hold 55% stake and 45% Stake by Kansai.

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Further the Malaysian company has entered into an agreement to acquire the paint business of Sime Coatings Sdn.Bhd.

During the financial year ended 31 March 2013, Kansai Nerolac Paints acquired 68% of the paid up equity share capital of Nepal Shalimar Paints Pvt. Ltd.

Kansai Nerolac Paints’ subsidiary in Srilanka, Kansai Paints Lanka Pvt. Ltd. commenced its operations in 2017. Kansai Nerolac Paints entered Sri Lankan paint market by way of a joint venture with Capital Holdings Maharaja, which is one of the biggest conglomerates in Sri Lanka.

In 2018, Kansai Nerolac Paints Ltd. informed that it had entered into Share Purchase Agreements (SPAs) to acquire 100% equity stake in Marpol Private Limited (Marpol).

Marpol Private Limited, established in the year 1983 is a pioneer in powder coating business and is a reputed brand. Kansai Nerolac is a leader in the Powder coating market in India. The acquisition of Marpol will further add to the leadership of Kansai Nerolac in the power coasting market in India.

In 2018, Kansai Nerolac Paints Ltd. announced that it has completed the acquisition of 55% equity share holding of RAK Paints Ltd, Bangladesh.

RAK Paints Limited is one of the established paint companies in Bangladesh having a diverse product range encompassing decorative paints (includes water based, solvent based, primers and cement paints) and industrial paints (includes marine, primer and epoxy).

With this investment in RAK Paints Limited Bangladesh, Kansai Nerolac aims to increase its foot print in the SAARC countries.

In April 2018, the Company acquired 100% equity shareholding in Marpol Private Limited, Goa (‘Marpol’), one of the leading companies in powder coating business, for an aggregate consideration of Rs 34.12 Crore.

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Also in April 2019, the Company acquired 100% equity shareholding in Perma Construction Aids Private Limited (‘Perma’), which manufactures and sells construction chemicals, for an aggregate consideration of Rs 29.10 Crore.

KNPL had decided to enter new areas with potential, to enhance growth and de-risk the business, in the space of Adhesives and Construction Chemicals.

For Adhesives, it entered a Joint Venture (JV) with Polygel to form an entity Nerofix with Polygel and for construction chemicals it acquired Perma Construction Aid Pvt Ltd.

In 2019, the Nerolac Range of products was launched for construction chemicals. In addition KNPL also tied up with ICRO Italy, a leader in high end wood coatings and launched Nerolac ICRO.

Apart from its mainstay technological collaboration with Kansai for manufacturing sophisticated architectural coatings, the group has technological tie-ups with Oshima Kogyo Co Ltd, Japan (for heat-resistant paint), Protech Oxyplast Group, Canada (for powder coatings), and Cashew Ltd, Japan (automotive coatings).

In fiscal 2020, Kansai Nerolac entered into a JV with Polygel Industries Pvt Ltd. to form Nerofix Pvt Ltd and Perma Construction Aids Private Ltd was also acquired during that fiscal.


We have continued with our expansion and investment plan into building new capacities. Capacities were added in several product lines viz. coil coating, CED, wood finish and powder coatings. All this firmly establishes our belief in the Indian Growth Story and demonstrates our resilience during the pandemic crisis.

Business Products

Interior wall paints

This product proposition is designed to cater to the evolving needs of customers in the key segments of Decorative and Industrial.

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