Billionaire Ashwin Dani, ex-chief of Asian Paints, dies at 79
Ashwin Dani, a second-generation descendant of the family that co-founded Asian Paints and held the position of non-executive director within the company, passed away at the age of 79 on September 28, as reported by CNBC-TV18. Ashwin Dani joined Asian Paints in 1968, a company co-founded by his father and three others in 1942. Following the news, shares of Asian Paints fell as much as 4% to settle at Rs. 3,180 apiece on NSE.
Dani's journey and contributions to Asian Paints
Born in Mumbai on September 26, 1944, Dani obtained a Bachelor's degree in Chemistry from Mumbai University in 1966 and pursued a Master's in Chemical Engineering at the University of Akron in the US. He transitioned from his initial role as a chemist in Detroit to join the family business, Asian Paints, in 1968. Throughout his career, Dani held various positions within the company, focusing on research and development to introduce innovative ideas to the paint industry.
Innovations and awards
Dani pioneered computer color matching, now widely used in industries such as paints, plastics, printing inks, and textiles. He is also credited with creating groundbreaking products like Apcolite Natural Wood Finish and the Automotive Refinishing System. In recognition of his contributions to the industry, Dani received a Lifetime Achievement Award from the Indian Paint Association (IPA) in 2011.
Asian Paints' future
Under his leadership, Asian Paints expanded globally and became a top paint company worldwide. Forbes reported Dani's net worth as of 2023 to be $7.1 billion. Last year, the Asian Paints board approved the appointment of Deepak Satwalekar as Chairman of the Board, with Dani continuing as a non-executive/promoter director. Dani's son, Malav, is also a member of the company's board, ensuring the family's legacy in the business continues.
