Billionaire Ashwin Dani, non-executive director and member of the promoter group at Asian Paints Ltd., is dead. He was 81.
Dani was ill for a brief period, the company said in a statement announcing his demise. He "has been a strong force in heralding the company to technological excellence", it said.
Son of Suryakant Dani, one of the four friends who co-founded India's largest paintmaker in 1942, Ashwin Dani completed his bachelor's of science degree in chemistry from Mumbai University in 1966 and went to the U.S. to pursue his master's degree in chemical engineering from the University of Akron.
He returned in 1968 to join Asian Paints as an executive and rose to the rank of vice chairman and managing director in 1997. Dani was named the non-executive chairman, a post from which he stepped down in 2021.
He revolutionised the paint business to make Asian Paints one of the leading companies globally. With an annual turnover of Rs 30,000 crore as of March 2023, Asian Paints has remained an undisputed market leader for about 55 years now, led by its strong consumer-focus and innovative spirit.
Bloomberg Billionaire Index pegs Dani's own net worth to be around $7.1 billion.
As R&D director of the company, he invested in research. Dani embraced technology and was the first to start a computerised colour mixing programme in India. He also played a key role in executing the joint venture between Asian Paints and PPG Industries, a leading manufacturer of automotive coating in the world.
He "will always be remembered for his significant contributions to the company", Asian Paints said.
(Updates an earlier version to correct Ashwin Dani's age after confirmation by the company)
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