Ashwin Dani dies at the age of 80
Indian paint magnate Ashwin Dani, a non-executive director of India-listed Asian Paints, died in Mumbai on Thursday at the age of 80 after a short illness.
Dani’s net worth, derived from her stake in Asian Paints, was $8 billion at the time of her death. In the fiscal year ended March, Asian Paints reported sales of 345 billion rupees ($4.1 billion) and net profit of 41 billion rupees, up 19 percent and 36 percent respectively from the previous year.
Since joining Asian Paints in 1968, Dani has been instrumental in transforming the company into one of Asia’s largest paint companies. He joined the company’s board of directors in 1970 and served as vice president and general manager from 1998 to 2009. Subsequently, the company was led by a professional CEO and Dani served as both non-executive director and vice president. In 2018 he became president for three years.
Ashwin Dani was Born in Mumbai
Born in Mumbai, Dani received a bachelor’s degree in chemistry from the University of Mumbai, India, in 1966, and later earned a master’s degree in chemical engineering from the University of Akron in the United States. He started his career at Detroit-based Inmont Corp. as a development chemist and returned to India to join the family business.
Asian Paints was co-founded
Asian Paints was co-founded in 1942 by Ashwin’s father, Suryakant Dani, along with three others. While the heir of one of the co-founders sold his stake years ago, the heirs of two others, the Vakil family and Mahendra Choksi, have retained theirs and are among India’s richest.
Today, the Mumbai-based company operates 27 factories and sells its products in more than 60 countries. In addition to Asian Paints, the company markets its products under brands such as Asian Paints Berger, Apco Coatings and Taubmans. The company also offers a wide range of interior decoration products and interior design services.
Dani is survived by his wife Ina, a yoga teacher, and their three sons. His younger son, Malav, is currently the non-executive director of Asian Paints. His eldest son, Jalaj, is chairman of robotics company Addverb Technologies and is married to Vita, the cousin of billionaire Mukesh Ambani.