Akzo Nobel soars after JSW Paints inks deal to acquire 75% stake for Rs 9,400 crore
Akzo Nobel India jumped 9.60% to Rs 3498.95 after the company announced that its existing promoters have entered into a share purchase agreement (SPA) with JSW Paints for selling their 74.76% stake for a total consideration of Rs 9,403.21 crore.
In a statement released today, Akzo Nobel N.V. said that it has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of Indias leading diversified conglomerates.
Under the agreement, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity.
The transaction is based on a total enterprise value of approximately 1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobels liquid paints and coatings business in India.
The transaction involves the sale of up to 75% of shares in ANIL and is subject to customary closing conditions including regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2025.
The two promoter entities would sell 3,40,44,335 shares in Akzo Nobel India at a price of Rs 2,762.05 apiece, which translates to a total consideration of Rs 9,403.21 crore.
The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
32 minutes ago
- Indian Express
‘Daylight robbery…unacceptable': Karnataka transport minister Ramalinga Reddy orders action against app-based auto aggregators for overcharging
Amid rising complaints from commuters against app-based auto aggregators overcharging post the bike taxi ban, Karnataka transport minister Ramalinga Reddy has directed the transport commissioner to draft and implement an effective action plan—including permit cancellation and criminal cases—against offending auto drivers. 'Passengers have highlighted several violations, including demands for higher-than-fixed fares, cancellation of trips if the inflated fare is not accepted, and exorbitant charges. For instance, on June 18, 2025, the Rapido Auto app charged Rs 100.89 per km, while the same app charged Rs 184.19 for a 4 km journey. Such blatant overcharging amounts to daylight robbery and is unacceptable. Immediate and stringent action is necessary,' Reddy noted in a letter to the transport commissioner on Saturday. He added, 'Although the transport department has already booked several cases against auto drivers for fare refusal and overcharging, complaints continue to pour in from the public. The mobile phone screenshots submitted by commuters serve as evidence of fares exceeding the prescribed limits.' As per the auto fare revision in December 2021, the government has fixed Rs 30 for the first 2 km and Rs 15 for every subsequent km. In 2022, the Karnataka High Court order also capped aggregator commissions at 10 per cent, aimed at making fares more affordable and transparent. As per the high court order, app-based auto aggregators are allowed to charge only 10 per cent above the government-notified fare, plus 5 per cent goods and services tax. However, app-based auto-rickshaw services (e.g., Ola, Uber, Rapido) have been criticised for non-compliance, with fares often exceeding Rs 70 for short rides (e.g., 1.5 km) due to additional charges like surge pricing, congestion fees, pickup fees or optional tips. The complaints of exorbitant charges have reportedly increased after the bike taxi ban kicked in from June 16. Two days ago, Bangalore Central MP P C Mohan shared screenshots on X highlighting exorbitant auto-rickshaw charges through aggregator apps, stating, 'A mere 1.5 km ride costs over Rs 70 in Bengaluru due to a complete breakdown in fare regulation. The State Government must enforce base fares, mandate meter usage, and shield commuters from app-driven cartels and digital monopolies. Overcharging has already cost citizens Rs 1,010 crore.' He further noted, 'Since the bike-taxi ban, auto fares in Bengaluru have spiked by 50%. A 3 km ride now costs Rs 120–Rs 150, with commuters pressured to pay 'tips' of Rs 30–Rs 100 to avoid cancellations. With meters largely ignored and digital platforms unchecked, the Government must intervene to ensure fairness and accountability.' Mohan also sought a revision of auto fares, requesting Chief Minister Siddaramaiah to fix the minimum fare at Rs 35. Revision of auto rickshaw fares sought Meanwhile, the Autorickshaw Drivers' Union (ARDU) has submitted representations to the Bengaluru Urban deputy commissioner seeking a revision of auto rickshaw fares in accordance with the increase in the central government's Wholesale Price Index. Several other auto rickshaw unions have also proposed increasing the fares in Bengaluru, citing rising operational costs, including fuel, spare parts, and vehicle maintenance. The unions have proposed a base fare of Rs 40 for the first 2 km (up from Rs 30) and Rs 20 for every subsequent km (up from Rs 15). 'While honest auto drivers are compelled to operate at outdated fare rates, their incomes have significantly reduced. This inaction on fare revision has inadvertently allowed a section of drivers to exploit the situation by charging arbitrarily high, often double, fares,' Rudramurthy, president of ARDU, said in a letter to the Bengaluru Urban deputy commissioner last week. He added, 'In contrast, cities like Udupi, Mangaluru, and Shivamogga revised their rates in 2023 to Rs 40 for the first 2 km and Rs 20 per km thereafter. In Maharashtra's major cities like Mumbai and Pune, fares are as high as Rs 50 for 2 km and Rs 25 per km thereafter.' Rudramurthy also noted that in certain parts of the city, passengers are often forced to pay inflated charges due to the absence of a legally revised fare structure. He complained that app-based auto rickshaw aggregators have exploited this vacuum by displaying arbitrary and illegal fares on their mobile platforms, resulting in routine passenger exploitation. 'Under the provisions of the Indian Motor Vehicles Act, the State Transport Authority is required to constitute a Regional Transport Authority (RTA) to oversee such fare matters. However, the deputy commissioner, who by law should serve as the chairperson of the RTA, has not been officially appointed, resulting in administrative lapses and inaction,' he said.
Time of India
37 minutes ago
- Time of India
Central Sector Scholarship Scheme 2025: CBSE asks students to apply by 31 October
Central Sector Scheme of Scholarship 2025. (AI Image) Central Sector Scholarship 2025: The Central Board of Secondary Education (CBSE) has issued a public notice inviting applications from eligible students for the Central Sector Scheme of Scholarship for College and University Students (CSSS) for the academic year 2025–26. The scholarship is sponsored by the Department of Higher Education, Ministry of Education, and aims to support meritorious students from economically disadvantaged backgrounds in pursuing higher education. The online application process is now open on the National Scholarship Portal ( Students seeking fresh applications or renewals for 1st year (2024), 2nd year (2023), 3rd year (2022), and 4th year (2021) are encouraged to submit their applications online. The last date to apply for both fresh and renewal scholarships is October 31, 2025. Scholarship aims to support students in higher education The Central Sector Scheme of Scholarship is designed to provide financial assistance to deserving students to help meet part of their daily expenses during their graduation and postgraduation studies. Under this scheme, selected undergraduate students receive Rs 12,000 per annum for the first three years, while postgraduate students are awarded Rs 20,000 per annum. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3.5, 4.5 BHK Homes starting at ₹4.89 Cr.* Hero Homes Learn More Undo Read the official notice here CBSE has asked all students affiliated with its institutions to apply through the National Scholarship Portal within the stipulated deadline. The board emphasised that all applications must be verified by the respective institutions. In cases where verification is required, students must present their original documents to their institute authorities. Institutional verification is mandatory The board has also issued a directive to the Nodal Officers of respective institutions to ensure timely verification of applications. Officers are expected to verify, flag defects, or reject applications as necessary via their institute login on the portal. Failure to complete this process may result in applications being marked as invalid. "All the candidates are advised to apply online within the stipulated time and get their online applications verified by the institutions (if required show the original documents to institute), else the application would be treated as INVALID," CBSE stated in its official notice. Application process available only through online portal To apply, students must visit and complete the online application process. It is crucial that both fresh applicants and those seeking renewal follow the specified procedure carefully to avoid rejection. Students and institutions are advised to adhere strictly to deadlines and verification requirements to ensure the successful processing of scholarship applications under the CSSS scheme. Is your child ready for the careers of tomorrow? Enroll now and take advantage of our early bird offer! Spaces are limited.
&w=3840&q=100)
Business Standard
42 minutes ago
- Business Standard
Himachal govt to set up the emergency response centre in all panchayats
The Himachal Pradesh government on Saturday gave its consent for setting up Panchayat Emergency Response Centre in all panchayats of the state, according to an official statement. In a meeting held here under the chairmanship of Chief Minister Sukhvinder Singh Sukhu, the cabinet gave its consent for Panchayat Emergency Response Centre in each of the 3,645 panchayats of the state to ensure effective response in the event of natural disasters to save human lives and properties. To encourage self-employment and reduce dependence on conventional energy sources, it also approved the provision of interest subsidies for the establishment of solar power projects, the statement issued here said. Under this initiative, a five per cent interest subsidy will be provided for solar projects ranging from 100 KW to 1 MW in tribal areas, while a 4 per cent subsidy will be extended for projects with capacities between 250 KW and 2 MW in non-tribal regions. The cabinet also approved the signing of a Memorandum of Understanding (MoU) between Himachal Pradesh Energy Development Agency (HIMURJA) and selected Gram Panchayats for the installation of 500 KW solar power plants in 100 panchayats under the Green Panchayat Scheme. Each project is expected to generate a monthly revenue of approximately Rs 25 lakh out of which 30 per cent will go to HIMURJA, 20 per cent to the state government and 40 per cent to the respective Gram Panchayats. An additional 10 per cent share will be allocated to Gram Panchayats specifically for the welfare of orphans and widows, the statement added. It also approved reclassification of pay matrix Level-11 posts from Group-B to Group-C. With this decision, only bonafide Himachali candidates will be eligible to apply for these reclassified Group-C posts. Post-reclassification, the recruitment process will be handled by the Himachal Pradesh Rajya Chayan Aayog, in accordance with the procedures applicable to Group-C positions. Earlier, the recruitment was conducted by the Himachal Pradesh Public Service Commission, which allowed applicants from across the country. Approval to enhance the honorarium of multi task workers of the Public Works Department from Rs 5,000 to Rs 5,500 per month, benefitting around 5000 workers was also given and it was decided to create and fill up 101 posts of various categories in Police Lines of District Police Dehra. The cabinet decided to introduce a Milk Incentive Scheme for farmers supplying milk to eligible non-government dairy cooperative societies, under which a subsidy of Rs 3 per litre will be provided to milk producers through Direct Benefit Transfer (DBT) mode. It approved the decision to shift the office of the Himachal Pradesh Tourism Development Corporation from Shimla to Dharamshala. This move aligns with the declaration of Kangra as the Tourism Capital of the state and aims to help decongest Shimla city, the statement said.
