JSW Paints gets CCI nod to acquire up to 75% stake in Akzo Nobel India biz

Competition Commission of India (CCI) on Tuesday cleared JSW Paints' proposal to acquire up to 75 per cent stake in Dutch paint maker Akzo Nobel's India division.

 

"Commission approves the acquisition of up to 75 per cent shareholding in Akzo Nobel India Ltd by JSW Paints Ltd," the regulator said in a post on X.

 

The development came after JSW Paints announced in June this year that it would 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 the open market for up to ₹3,929.06 crore, totalling over ₹12,915 crore. The acquisition will make JSW Paints the fourth-largest player in the country’s paint industry, according to PTI.

 

 

JSW Paints is part of the 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 and JSW deal

 

In June, Akzo Nobel NV, in a statement, said it had 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.

 

The open offer

 

JSW Paints, along 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 ₹3,929.06 crore.

 

The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. Akzo Nobel's revenue from operations stood at ₹4,091.21 crore in FY25.