Ashwin Dani, who co-founded Asian Paints and served as its non-executive director, passed away at the age of 79 on Thursday, September 28, CNBC-TV18 reported. He is survived by his wife Inna Dani and three children.
Dani joined Asian Paints, which is now among Asia’s biggest paint companies, in 1968. His son, Malav Dani, is on the board of Asian Paints.
Ashwin Dani started his journey at Asian Paints in 1968 as a senior executive and rose through the ranks to eventually lead the company. Dani’s contribution was instrumental to the company’s growth as the largest paint maker in the country with a group turnover of Rs 21,700 crore.
Dani’s net worth is estimated at about $7.7 billion, according to Forbes.
Born on September 26, 1944, in Mumbai, Ashwin Dani completed his BSc degree in Chemistry from Mumbai University in 1966. Following this, Dani went to the US to pursue a Master’s degree in chemical engineering from the University of Akron.
Dani started his career as a chemist in Detroit and later, in 1968, joined his family business Asian Paints in 1968 as a senior executive.
Asian Paints gets 85 per cent of its annual revenue from the domestic market. The company also offers home painting services and an interior design service.
Dani has held a number of positions with the business, including director (research and development), works director, full-time director, vice-chairman, and managing director. He was the vice-chairman and managing director of Asian Paints between December 1998 and March 2009.
On June 23, 2021, the company said Ashwin Dani shall continue to be on the board of directors of the company as a non–executive/promoter director, and the board approved the appointment of Deepak Satwalekar as chairman of the Board.