AkzoNobel announced the renaming of the former ICI India business to Akzo Nobel India Ltd., with the change to be phased in during a transitional period.
AkzoNobel said the former ICI India business figures prominently in its growth plans for the rapidly growing India market. The business, a major decorative paints company in India, will continue to be headed by Managing Director Amit Jain and the existing board of directors, AkzoNobel said.
“India is a very important market for us and we are now well prepared to take full advantage of the world-class capabilities of our Indian decorative paints organization and build on our promising market position,” said Hans Wijers, AkzoNobel CEO.
Wijers added that AkzoNobel plans to make major investments in India during the next five years as it seeks to tap into the high-growth India market. “The change in identity is just the beginning of a wave of strategic investments which we plan to make in people, practices, new ways of marketing, technology, and research," he said.
Jain said the name change “completes the transitional journey which we embarked upon two years ago.” He said the action “also marks a strategic transformation in our company's culture, people, processes, and business practices.” He added that while the name change will be introduced across the country, the business will continue to use the ICI brand name and logo for a transitional period due to the long-standing relationship with customers in India.
Since its acquisition of ICI, AkzoNobel said it has become a major participant in the Indian paint market. The company employs approximately 1,500 people in India (including 900 at ICI India), and the business generates revenue of about 250 million euros. The company operates six production facilities, two research laboratories, and about a dozen sales locations, with all coatings and chemicals businesses involved.