JSW Paints Seeks Approval to Acquire Akzo Nobel

22 Jul 2025 CW Team

JSW Paints, led by Sajjan Jindal, has approached the Competition Commission of India (CCI) for approval to acquire a majority stake in Akzo Nobel India, a Rs 12,915-crore deal that would significantly alter the Indian paint industry landscape.

In June, JSW Paints announced its plan to acquire a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore. This would be followed by an open offer to public shareholders to purchase another 25.24 per cent for up to Rs 3,929.06 crore.

As per the notice filed with the CCI, the acquisition includes a share purchase agreement and a mandatory open offer to gain up to 75 per cent control. The parties stated that the transaction raises no competition concerns in any relevant markets.

JSW Paints is part of the $23 billion JSW Group, with interests across steel, cement, energy, automotive, and infrastructure sectors. Akzo Nobel India, known for brands like Dulux, International, and Sikkens, is a major player in decorative and industrial paints.

Akzo Nobel NV will retain the Powder Coatings business and International Research Centre, which are currently under Akzo Nobel India, but will operate independently post-acquisition.

JSW Paints, along with JTPM Metal Traders and JSW EduInfra, launched the open offer. Managing Director Parth Jindal called the move an exciting step toward building the "paint company of the future."

Akzo Nobel NV had earlier announced a strategic review of its South Asia portfolio in October 2024 to focus on its core coatings segment. The Indian paint industry is led by Asian Paints, with strong competition from Berger, Kansai Nerolac, and emerging players like Pidilite, Grasim, and Indigo Paints.

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