JSW Paints to Acquire Majority Stake in Akzo Nobel India: A Transformative Leap

JSW Paints Limited plans to acquire a 74.76% stake in Akzo Nobel India Limited for Rs 8,986 crores, pending regulatory approvals. This acquisition will strengthen JSW Paints' position in the Indian market, aligning with their growth strategy. The transaction awaits Competition Commission of India approval and a mandatory tender offer.

In a significant move shaking up the paints industry, JSW Paints Limited announced on Friday its entry into definitive agreements to acquire up to a 74.76% stake in Akzo Nobel India Limited (ANIL). The transaction, set at a maximum consideration of Rs 8,986 crores, plans to expand JSW Paints' footprint in the fast-growing sector.

The acquisition, however, hinges on obtaining the green light from the Competition Commission of India and fulfilling a mandatory tender offer to ANIL's public shareholders. JSW Paints, a subsidiary of the USD 23 billion Indian conglomerate JSW Group, is poised to become a dominant force in the market.

Parth Jindal, Managing Director of JSW Paints, expressed enthusiasm over the strategic expansion, emphasizing the potential growth of the paints and coatings sector. He welcomed the Akzo Nobel India team, highlighting the new synergies expected to propel JSW Paints into a leading market position. Meanwhile, Greg Poux-Guillaume, CEO of AkzoNobel, affirmed his confidence in JSW as a long-term partner with solid local insight and ambition.

(With inputs from agencies.)