Latest news with #SajjanJindal-led
Time of India
4 days ago
- Business
- Time of India
JSW Paints seeks CCI nod to acquire majority stake in Akzo Nobel India for ₹12,915 crore
NEW DELHI: Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country. "The proposed transaction relates to the acquisition of up to 75 per cent 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 filed with the Competition Commission of India. The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "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 announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
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Business Standard
4 days ago
- Business
- Business Standard
JSW Paints seeks CCI nod to acquire stake in Akzo Nobel for ₹12,915 cr
Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a ₹12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for ₹8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to ₹3,929.06 crore, totalling over ₹ 12,915 crore, to become the fourth-largest player in the paint industry in the country. "The proposed transaction relates to the acquisition of up to 75 per cent 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 filed with the Competition Commission of India. The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "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 announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
Time of India
4 days ago
- Business
- Time of India
JSW Paints seeks CCI nod to acquire majority stake in Akzo Nobel India for Rs 12,915 cr
Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence MCA Cybersecurity Others Public Policy healthcare Project Management others Operations Management MBA Data Science Healthcare Management Leadership Data Science CXO Degree Product Management Data Analytics Digital Marketing Finance Technology PGDM Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details "The proposed transaction relates to the acquisition of up to 75 per cent 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 filed with the Competition Commission of India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The World's Most Stunning Blue Flag Beaches Ranked: Top 25 List! Click Here Undo The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Live Events Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "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 announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
Time of India
14-07-2025
- Business
- Time of India
Akzo Nobel India shares in focus after JSW Paints launches open offer for 25.24% stake
Akzo Nobel India shares will be in focus on Monday after the company announced that Sajjan Jindal-led JSW Paints has issued a draft letter of offer to acquire up to 1,14,95,979 fully paid-up equity shares . This open offer represents up to 25.24% of the company's voting share capital. The offer is priced at Rs 3,417.77 per share, subject to adjustments under Regulation 8(9) of SEBI's SAST Regulations, 2011. If fully subscribed, the total consideration would amount to Rs 3,929.06 crore in cash. As per SEBI rules, the open offer size is subject to proportionate reduction to ensure that the combined shareholding of the acquirer and persons acting in concert (PACs) does not exceed 75% of the voting share capital. Based on current public shareholding, if fully subscribed, the open offer would be reduced to 86,21,985 shares (18.93%), and the shares acquired from the sellers would be adjusted to 2,55,33,250 (56.07%). Last month, JSW Paints announced it would acquire a 74.76% controlling stake in Akzo Nobel India for Rs 8,986 crore from its Dutch promoters—Imperial Chemical Industries and Akzo Nobel Coatings International BV. With this transaction, the Dutch promoter group has fully exited Akzo Nobel India, marking its departure from the Indian decorative paints market, which has seen heightened competition with the entry of players like the Aditya Birla Group. The acquisition will allow JSW Group to expand its presence in the paints industry, which it entered in 2019 and is still establishing its position in. Akzo Nobel India operates across a broad range of paint and coating segments, including decorative paints, automotive and specialty coatings, industrial coatings, marine and protective coatings, yacht coatings, and powder coatings. Shares of Akzo Nobel India ended at Rs 3,625 on Friday, up Rs 25.05 or 0.70% on the BSE.
Time of India
10-07-2025
- Automotive
- Time of India
JSW at Wheel in MG JV, Looks to Up Stake as SAIC Takes Backseat
JSW Group plans to raise its stake in JSW MG Motor India , its car manufacturing joint venture with SAIC Motor . The Chinese company has decided against committing further capital to India, instead prioritising investments at home and in Europe. Parth Jindal, director of JSW MG, told ET the group would become the single largest shareholder in the maker of Astor and Hector SUVs. Currently, JSW MG is a 51:49 joint venture, with JSW owning 35%, Indian financial institutions 8%, MG Motor India dealers 3%, and JSW MG Motor India employees 5%. The remaining 49% is with SAIC, which will continue to extend technology and brand support, he added. Alongside, the Sajjan Jindal-led group has finalised two separate licensing pacts—one each for electric passenger and commercial vehicles —with Chinese automakers, as it pushes ahead with its ambition of emerging as a full-spectrum electric mobility company.
