The Hindu Business Line : Coates renamed; now part of DIC group

COATES of India Ltd has changed its name to DIC India Ltd. Simultaneously, its 100 per cent owned subsidiary Coates Coatings India Ltd is now DIC Coatings India Ltd.

Coates of India is now a 65.76 per cent owned subsidiary of DIC Asia Pacific Pte Ltd, Singapore, which in turn is a wholly owned subsidiary of Dainippon Ink and Chemicals Inc, Japan, flagship company of the DIC Group.

According to Dr P.K. Dutt, Managing Director, Coates of India, the re-christening now clearly establishes the company as a part and parcel of the Tokyo-headquartered DIC Group. The Group, whose net sales for the year ended March 31, 2004 was over $9 billion, is the world leader in the global market for printing inks, organic pigments and thermosetting resins.

Dr Dutt said in keeping with their global practice, the DIC Group had lent its name to both its Indian subsidiaries. "This step reiterates the Group's long-term commitment to their Indian operations.''

The change in name, according to him, will benefit Coates of India immensely, particularly owing to synergies that will dissolve through direct associate with DIC's strong brand image in graphic arts products. He felt this would provide the company with a huge advantage in the market place, and help expand the product base significantly.

He said the company, already a leader in the business of printing inks business, could now move only from strength to strength.

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