JSW Paints Eyes Major Stake in Akzo Nobel India Amidst Industry Expansion
JSW Paints, led by Sajjan Jindal, seeks approval from the Competition Commission of India to acquire a majority stake in Akzo Nobel's India unit. The move, valued at Rs 12,915 crore, aims to position JSW as the fourth-largest player in India's paint industry. The deal includes shares and an open market offer.
- Country:
- India
In a significant industry move, Sajjan Jindal-led JSW Paints has approached the Competition Commission of India for approval to acquire a controlling stake in Akzo Nobel's India unit. This strategic acquisition, valued at Rs 12,915 crore, marks a crucial step in JSW Paints' expansion strategy.
The transaction is set to establish JSW Paints as the fourth-largest entity in the Indian paint sector. The company plans to purchase a 74.76% stake in Akzo Nobel India for Rs 8,986 crore, followed by a public open offer to acquire an additional 25% stake worth up to Rs 3,929.06 crore.
As part of the JSW Group, which operates across diverse sectors, JSW Paints aims to leverage its broadened portfolio to enhance its market presence. The acquisition aligns with JSW Group's growth plans since its entry into the paint market in 2019.
(With inputs from agencies.)
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