Business Wire India On 14 April, Nuova SIVAM conducted an event to announce the Joint Venture between Nuova Sivam SpA Italy & Genver Coatings, India for Marketing & Production facilities. The company has rolled out its PU Wood Coatings & Paint products in Indian and subcontinent territories. The purpose is to set up a Hi-Tech production unit in the country instead of exporting the products from Italy.
The joint venture named as “NUOVA Sivam & Genver Coatings Private Limited” is between M/s V.R. Agencies and his brand Genver led by visionary Puneet Goel,
Managing Director (VR Agencies & Genver Coatings). He said, "Nuova Sivam & Genver Coatings goal is to acquire a significant market share in next 3-5years. It is with this objective we intend to localise production of Wood Paints & Coatings in India because we understand that gaining market share only by exporting is not possible in this promising yet fiercely competitive Indian Market."
As per Ivan Costantini, Business Head of Nuova Sivam, in the month of May 2018 both the brands
Sivam & Genver will be launched in Indian Market in the form of a commercial joint venture for Marketing & Sales. Within two years the company plans to achieve the objective which is to extend the association to manufacturing Joint Venture with the production unit based in North India. Nuova SIVAM will thus be introduced to the promising Indian market where SIVAM will be directly present in India besides Turkey & North America outside of Italy.
Deepak Mehrotra, Head of Strategic Planning said,
with the formation of this new company, the aim is to strengthen the presence of Sivam & Genver Brands in India by setting up a distribution structure for covering all regions & states of country in a short span of time. With local production foreseen, it will further allow the company to have latest technology & product range to provide with innovative solutions in paints & coatings.
Currently with growing Indian economy at the rate of 5-7% annually the company is expected to have increased demand in times to come for high-end wood paints especially polyurethane (PU) & Water Based paints currently considered luxury in Indian Market.