Produced by: Mohsin Shaikh
In 1898, the Dhingra brothers’ grandfather set up a small paint shop in Amritsar, selling imported British Paints. Who could have imagined that a century later, his grandsons would own the very company behind those paints?
By the 1980s, the Dhingras had cracked a near-monopoly in exporting paints to the Soviet Union. With an annual turnover of ₹300 crore, they became the backbone of the USSR’s construction boom—until the Soviet collapse forced them to rethink their business.
In 1991, Berger Paints was a struggling brand under Vijay Mallya’s UB Group. When Kuldip Dhingra and his brother offered to buy it, many scoffed at the idea of "shopkeepers" running a multinational. Today, those doubters look foolish.
The deal wasn’t born in a corporate meeting—it started at the Bombay Derby. Surinder Singh, a liquor baron and Mallya’s associate, casually pitched the idea to Mallya between sips of beer. The billionaire’s curiosity—and greed—led to a meeting that changed Indian business history.
At the time of the buyout, India’s paint industry was in crisis, with sky-high excise duties. But Kuldip saw beyond the downturn, betting on a future of economic liberalization. His ₹16 crore business decision turned into a ₹68,000 crore empire by 2025.
Representative pic
Berger Paints, once India’s smallest paint maker, is now the second-largest, behind only Asian Paints. The Dhingras didn’t just expand in India—they took Berger global, with operations in Russia, Poland, Nepal, and Bangladesh.
Buying Berger Paints wasn’t just a business move; it was a financial goldmine. The brothers’ initial investment has yielded an insane 28% compounded annual return over the decades, making it one of the smartest buyouts in Indian history.
To compete globally, the Dhingras didn’t just rely on Berger’s existing strengths. They strategically partnered with Japan’s Nippon Paints and other international giants, ensuring Berger became a force to reckon with on the world stage.
The Dhingra legacy is far from over. Kuldip’s daughter Rishma Kaur and Gurbachan’s son Kanwardip Singh Dhingra now serve as Executive Directors, ensuring the family’s billion-dollar empire continues to flourish.