Asian Paints co-founder Dani passes away at 81

MUMBAI: Ashwin Dani, co-founder and non-executive director of Asian Paints, passed away on Thursday following a brief illness. He was 81.

Dani, who was associated with the company since 1968, was a strong technocrat who not only helped exalt Asian Paints' stature on innovation but also corporate governance. Asian Paints came to be known as a blue-chip company that was a hotbed for professional talent.

Dani joined the company's board in 1970. He served as vice chairman and managing director of the company from 1998 to 2009, after which he continued as the non-executive director & vice chairman. He chaired the board from 2018 and 2021.

"With the passing away of Shri Ashwin bhai Dani, the last of the Asian Paints titans of his generation has passed on," said Bharat Puri, MD, Pidilite Industries. "A true technopreneur who breathed Asian paints all through the 55 years or so he was associated with the company, Ashwin Bhai was one of the architects of the continued growth and innovation at Asian Paints," said Puri.

As part of the promoter group (Asian Paints is promoted by the Danis, the Choksis and the Vakils), Dani was conscious about growing the company in a professional way and thus the focus on governance was paramount. His knowledge of the business environment and vast experience in general management has been an asset to the company. Dani was passionate about developing talent in the company and has introduced many management graduates across all fields in the company.

Suresh Narayanan, CMD, Nestle India, said: "In the passing away of Ashwin bhai, India has lost a very valuable son and one of the doyens of Indian industry." He combined a very humble personality with astute sense and vision of the paints industry, with deep knowledge of the technical aspects of the business. In every sense, his leadership was pivotal in the growth of Asian Paints as an outstanding example of an exceptionally successful and well governed Indian company for decades. In his passing away, I am deeply saddened by the loss of an outstanding human, a gentleman, a friend who gave me respect, shared wisdom and unparalleled encouragement as an independent director of APL (Asian Paints) when he was chairman."

Dani has been instrumental in developing and introducing many new products for the first time in India. He pioneered the idea of computerised colour matching in the Indian industry. This concept is now widely used across industries in the field of paints, plastics, printing inks and textiles. Asian Paints was the first paint company in India, and even in Asia, to implement this concept way back in 1975.

Those who worked with Dani, recall his warmth towards colleagues.

“I had the privilege of knowing him for over 40 years. Ashwin Bhai was a large hearted, passionate, enthusiastic gentleman, who believed in the power of relationships. It’s been close to 25 years since I left Asian Paints but he and his family have always remained in touch, and always treated me as one of their own," said Puri.

Dani started his career in 1967, as a development chemist with Inmont Corp, (an Industrial Coatings manufacturer now known as BASF) Detroit USA. He joined Asian Paints as a senior executive in 1968 and moved through successive senior positions like director - R&D, works director and whole-time director.

It was under his leadership that Asian Paints formed a 50:50 joint venture with PPG Industries Inc., USA for industrial coatings. Dani was the founder director on the board of PPG Asian Paints. He also played an important role in shifting the packaging of water thinnable paints for decorative purpose from metal to plastic containers.

"His ability to foresee upcoming changes in the industry was remarkable,” said Milind Sarwate, an independent director on the board of Asian Paints. “He had a very active mind and was very progressive in his outlook. Even in the last board meeting that Mr. Dani attended in July, he brought up suggestions on technical aspects. He was an unassuming and warm person,” said Sarwate.

Dani has held independent directorships on the board of several leading listed Indian companies and practices yoga regularly.

Dani is survived by his wife Ina and three sons, Jalaj, Malav and Hasit. Malav is a non-executive director on the board of Asian Paints.

Forbes estimates Ashwin Dani’s net worth at $7.7 bn as of September 2023.

Asian Paints’ consolidated sales surpassed Rs 34,000 crore last fiscal, and the company has diversified into home decor.

Ready to Master Stock Valuation? ET’s Workshop is just around the corner!