JSW Paints Expands with Major Stake in Akzo Nobel India

JSW Paints, a subsidiary of the USD 23 billion JSW Group, has announced a major acquisition on Friday. The company plans to acquire a majority controlling stake in Akzo Nobel India Ltd (ANIL), the maker of the renowned Dulux paints.

They will purchase a 74.76% stake from Dutch promoters such as Imperial Chemical Industries and Akzo Nobel Coatings International BV for Rs 8,986 crore. The acquisition is expected to bolster JSW's position in the Indian decorative paints market.

To finalize the deal, JSW must secure regulatory approvals and successfully complete a mandatory open offer to ANIL's public shareholders. This acquisition aims to capitalize on the strong projected growth within India's paints sector.

(With inputs from agencies.)