Japanese paints and coatings major Nippon Paint is embarking on an aggressive expansion drive in India that includes doubling its revenue, more than doubling its manufacturing footprint and strengthening its presence across the country, including in Bengal, as it seeks a larger share of the country’s increasingly competitive paints market and bets on its long-term growth potential.

The Asia-Pacific region’s largest paint and coatings company, and the world’s fourth-largest paint maker, has set a target of growing its India business from around ₹2,800 crore in 2025 to ₹6,000 crore by 2029 as it seeks to move beyond its current status as a relatively small player in the domestic market.

“Last year (2025), we did a business of about ₹2,800 crore in India, which roughly gives us around 3.5-4 per cent market share in India. While we are a small player so far in India, we are the largest player in the Asia-Pacific region. There is now a pivot in the company’s approach and strategy. We feel that we don’t want to be a small player in India,” said Sharad Malhotra, managing director, Nippon Paint India.

As part of the expansion, the company plans to increase the number of manufacturing facilities in India to at least 15 from the current seven over the coming years.

“We plan to double our business in the next three years. From ₹2,800 crore, our target is to go to ₹6,000 crore by 2029. From seven factories in India, we plan to have at least 15 factories. We believe we have to be very close to the markets with our factory setups. If we want to be successful in the East, it (a manufacturing unit) has to come sometime in future,” Malhotra said.

The company is likely to invest around ₹500 crore in India over the next 12-18 months through a combination of brownfield and greenfield expansion projects.

According to Malhotra, India has emerged as a strategic market for the Japanese paints maker amid expectations of sustained growth in demand.

“The Indian market is still highly underpenetrated. Our expectation is that the market will grow at 7-8 per cent per annum and has the potential to approximately double over the next 10-12 years. Considering that, India is a strategic market for us and under a new leadership structure, we are pursuing an India-first operating strategy,” he said.

The company is also sharpening its regional focus, with eastern India identified as a key growth market.

“We are in a very aggressive expansion phase in India with a sharp regional focus. East is the latest market for us to enter and a very important market for our long-term growth strategy. We don’t see Bengal just as a large consumption market but also a strategic gateway across West Asia,” Malhotra added.