Ashwin Dani, the co-founder and non-executive director of Asian Paints, passed away on Thursday, reported CNBC-TV18. He was 79. Dani began his journey at Asian Paints in 1968 as a senior executive and rose through the ranks to eventually lead the company. His 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. As of 2023, Ashwin Dani's net worth is estimated to be about $7.1 billion, according to Forbes.
Dani, who was born on September 26, 1944, in Mumbai, completed his Bachelor of Science degree in Chemistry from Mumbai University in 1966. After that, he went to the US to pursue a Master's degree in Chemical Engineering from the University of Akron. He started his career as a chemist in Detroit. Later, in 1968, he joined his family business, Asian Paints, as a senior executive.
Over the years, Dani held a number of positions with the business, including director (research and development), works director, full-time director, vice-chairman, and managing director. Dani was known for using research and development to provide cutting-edge concepts to the business and the paints sector. Before joining Asian Paints, Dani even worked with Inmont Corp in Detroit, US, as a development chemist.
Married to Ina Dani, Ashwin has three children. Their son, Malav Dani, is on the board of Asian Paints. Apart from business, Ashwin was also a yoga practitioner and had an interest in collecting art. As per Forbes, his family’s net worth is Rs 68,000 crore.
In the March to June quarter this year, Asian Paints logged a consolidated net profit of Rs 1550.4 crore, showing a strong 50 per cent year-on-year growth. The company's consolidated sales rose 7 per cent to Rs 9,153.8 crore.
Shares of Asian Paints slumped 3.97 per cent to Rs 3169.60 apiece on the BSE on Thursday.