JSW Paints acquires Akzo Nobel India's paint business for Rs 12,915 Cr
Mumbai, June 28 (UNI) JSW Paints has officially announced that it will acquire Akzo Nobel's India paint business in a Rs 12,915 crore transaction which was executed with support from Morgan Stanley as the exclusive financial adviser to JSW Paints.
Khaitan & Company provided legal advisory services, while Deloitte conducted financial and tax due diligence to execute the deal.
According to a company press release, JSW Paints will acquire a 74.76 percent stake in Akzo Nobel India which makes Dulux brand of paints for Rs 8,986 crore, which will be followed by an open market offer to an additional 25 percent stake valued at Rs 3,929.06 crore.
"JSW Paints entered into definitive agreements to acquire up to 74.76 percent stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore," according to a company press release here today.
JSW Paints Managing Director Parth Jindal said, "Paints is one of India's fastest growing sectors. JSW Paints is among the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints and coatings like Dulux, International and Sikkens. We are delighted to incorporate them into the JSW family. In collaboration with the Akzo Nobel India team, including staff, clients and associates, we aim to establish the next generation paint organisation."
AkzoNobel CEO Greg Poux-Guillaume said, "This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has consistently been a strong performer. We are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector."
UNI XC SS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 minutes ago
- Time of India
2,536 new buses to be inducted into RTC fleet for women's free travel scheme in Andhra Pradesh
Vijayawada: As many as 2,536 additional buses would be inducted into the existing fleet of Andhra Pradesh State Road Transport Corporation (APSRTC) to implement the free bus travel scheme for women. Officials of the state-run corporation submitted the estimates on the scheme to chief minister N Chandrababu Naidu on Saturday. APSRTC has not included new buses in its fleet for a long time, and there will be an additional requirement of buses as the passenger rush is likely to increase once the scheme is implemented. Officials estimate that an amount of Rs 996 crore is required to induct new buses. They also explained the need to improve other facilities like drinking water, sanitation, bus information systems, and other amenities at bus stations. In a review meeting on the free bus scheme with the CM, officials said they estimate the number of journeys by women is likely to increase by about 78% after the scheme is rolled out. The total number of trips by women is likely to increase from 49.91 crore to 88.90 crore trips annually. Naidu suggested officials to go for new buses or take buses on rental basis if required. He said all new buses to be inducted into APSRTC fleet henceforth should be electric-AC buses. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Perdagangkan CFD Emas dengan Broker Tepercaya IC Markets Mendaftar Undo He also suggested exploring the possibility of converting existing diesel buses into electric ones. He also wanted GPS installation in every bus to be made mandatory, while stressing on the cleanliness of bus stations and buses. The chief minister made it clear that the scheme will be rolled out from Aug 15 despite financial difficulties. "In view of the challenges being faced by the state, public money should be utilised efficiently," he said, and suggested looking for additional revenue sources focusing on cost reduction. Even in the procurement of new buses, he asked officials to explore all options to ease the financial burden on the govt. He suggested officials to study the best implementation models, explore options to generate own power for EV buses, hand over maintenance to private players, and explore battery swapping options.
Time of India
an hour ago
- Time of India
Twin tower boost for Kochi's IT infra
Kochi: Giving a major boost to IT infrastructure in the state, chief minister Pinarayi Vijayan inaugurated LuLu IT Twin Towers on SmartCity campus in Kochi on Saturday. The state-of-the-art complex, developed with an investment of Rs 1,500cr, was unveiled in the presence of ministers, industry leaders and eminent personalities from various walks of life. Located within SmartCity Kochi special economic zone (SEZ), the project is expected to bring leading global companies to SmartCity campus and generate around 30,000 employment opportunities. While inaugurating the project, Vijayan said the state is transitioning into a digitally driven economy and infrastructure projects like LuLu IT Twin Towers are vital in attracting global tech investments and generating employment for our youth. "If we truly seek development, everyone, including govt, private sector and various political and social organizations, must come together in unity," he said. The CM informed that LuLu group will launch another IT tower project with an investment of Rs 500cr on Infopark Phase II campus in Kochi. Inaugural ceremony was attended by opposition leader V D Satheesan, ministers P Rajeeve and G R Anil, deputy leader of opposition P K Kunhalikutty, BJP state president Rajeev Chandrasekhar, Hibi Eden, MP, Uma Thomas, MLA, and LuLu Group chairman and managing director M A Yusuffali, among others. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Livguard Lithium-X: The Future of Power Backup Livguard Buy Now Undo Satheesan said, "LuLu IT Twin Towers stand as an architectural and technological marvel that reflects Kerala's growing potential in global IT landscape." "This world-class IT infrastructure will act as a catalyst for Kerala's digital economy and support return of skilled professionals to the state," added Chandrasekhar. "The project will drive reverse migration by creating high-quality job opportunities for our youth within Kerala," said Yusuffali. A host of employee-friendly amenities are integrated into the three-storey amenity block, which also features a conference hall designed for business meetings, forums and tech events. Landscaped podium, gardens and open-air seating areas are other attractions. Currently, LuLu operates Cyber Tower 1 and Cyber Tower 2 on Infopark campus, which house leading global companies and provide employment to over 15,000 professionals.
Indian Express
an hour ago
- Indian Express
Union minister Vaishnaw flags off Purulia–Bankura–Howrah MEMU train: ‘101 stations being upgraded'
Union Railway Minister Ashwini Vaishnaw on Saturday virtually inaugurated the first Purulia–Bankura–Howrah MEMU train via Masagram, highlighting the Centre's drive to expand and modernise rail networks. He noted that currently the rail investment in West Bengal has risen from around rupees 4,380 crore in 2009–14 to about rupees 14,000 crore. The new service revives the historic Bankura–Damodar link, covering 283 km at a fare of just Rs 60—cheaper than the Rs 65 Kharagpur route. It will serve daily commuters, students, and traders by offering cleaner, faster travel between Purulia, Bankura, Masagram, and Howrah. Masagram now links the South Eastern Railway's Bankura–Masagram line with the Eastern Railway's Howrah–Bardhaman chord, promising improved access, tourism growth, and economic development across Purulia, Bankura, Hooghly, and Howrah districts. Vaishnaw also inspected redevelopment work at Santragachi Station under the Amrit Bharat Station Scheme, which aims to transform ageing stations into modern transit hubs with enhanced passenger amenities. 'In West Bengal alone, 101 stations are being upgraded at an extraordinary pace,' he said. 'This isn't just development—it's a new era for Indian Railways, replacing 50–60-year-old facilities with modern infrastructure that meets today's expectations for quality and experience.'
