Indian paints magnate Ashwin Dani, non-executive director of India-listed Asian Paints, handed away in Mumbai on Thursday at age 80 after a quick sickness.

Dani’s internet value, derived from his stake in Asian Paints, was $8 billion on the time of his passing. In the monetary yr ended March, Asian Paints posted a income of 345 billion rupees ($4.1 billion) and a internet revenue of 41 billion rupees, which rose 19% and 36% respectively from a yr earlier.

Since becoming a member of Asian Paints in 1968, Dani performed an necessary function in constructing it into certainly one of Asia’s largest paint corporations. He was inducted on to the corporate’s board in 1970 and was appointed vice chairman and managing director from 1998 to 2009. Thereafter, the corporate was run by knowledgeable CEO and Dani was each non-executive director and vice-chairman. In 2018, he turned chairman for 3 years.

Born in Mumbai, Dani earned a bachelor’s diploma in chemistry from Mumbai University, India, in 1966 and went on to review for a grasp’s diploma in chemical engineering from the University of Akron within the U.S. He started his profession in Detroit-based Inmont Corp. as a growth chemist and returned to India to affix the family-owned enterprise.

Asian Paints was cofounded by Ashwin’s father Suryakant Dani together with three others in 1942. While the inheritor of 1 cofounder offered his stake years in the past, the heirs of two others, the Vakil household and Mahendra Choksi, retained theirs and have amongst India’s richest.

Today, the Mumbai-based firm operates 27 factories and sells its product to greater than 60 international locations. Besides Asian Paints, the corporate markets its merchandise underneath manufacturers together with Asian Paints Berger, Apco Coatings and Taubmans. The firm additionally presents a variety of dwelling decor merchandise and inside design providers.

Dani is survived by his spouse Ina, a yoga instructor, and their three sons. His youngest son, Malav, is at the moment a non-executive director of Asian Paints. His older son, Jalaj, is chairman of robotics agency Addverb Technologies and is married to billionaire Mukesh Ambani’s cousin Vita.

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