JSW Paints seeks CCI nod to acquire Akzo Nobel India; plans 74.76% stake buy; aims to be 4th-largest paint firm
The move follows JSW's announcement to purchase a 74.76% stake in the Dutch paint major's India arm for Rs 8,986 crore.
Additionally, they will initiate an open offer to purchase an extra 25% from the public market for up to Rs 3,929.06 crore, bringing the total investment to Rs 12,915 crore, positioning itself as the country's fourth-largest paint company, PTI reported.
"The proposed transaction relates to the acquisition of up to 75% shareholding in the target (Akzo Nobel India Ltd) by the acquirer (JSW Paints Ltd) through a share purchase agreement, and a mandatory open offer," according to a notice submitted to the Competition Commission of India states.
Both organisations have indicated that the proposed merger presents no competitive concerns in relevant markets, suggesting that market delineations can remain open.
JSW Paints operates as part of the USD 23 billion JSW Group, a prominent Indian conglomerate with investments across various sectors including steel, cement, energy infrastructure, automotives and paints.
Akzo Nobel India Ltd (ANIL) operates as a decorative and industrial paint manufacturer, affiliated with the Netherlands-based Akzo Nobel.
In June, Akzo Nobel NV announced globally their agreement to transfer their shareholding in Akzo Nobel India to the JSW Group.
The Dutch parent company confirmed that it will maintain full ownership of the India Powder Coatings business and International Research Centre, currently part of ANIL.
JSW Paints, alongside group entities JTPM Metal Traders and JSW EduInfra, has announced plans to acquire the remaining 25.24% of ANIL shares from public shareholders for Rs 3,929.06 crore.
This acquisition will strengthen JSW Group's presence in the paint sector, which they entered in 2019.
Parth Jindal, Managing Director of JSW Paints, noted the rapid growth of India's paint sector and JSW Paints' swift expansion.
"Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family -- employees, customers and partners -- we aspire to build the paint company of the future," he said.
In October 2024, Akzo Nobel NV initiated a strategic review of its South Asia portfolio to explore various options, such as partnerships, joint ventures, mergers, or divestments, with the aim of reallocating capital to strengthen its core coatings business.
In FY25, the company reported revenue from operations of Rs 4,091.21 crore.
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