JSW Paints Secures CCI Nod for Major Akzo Nobel India Stake Acquisition
JSW Paints is set to acquire a significant stake in Akzo Nobel's Indian unit following CCI's approval of the Rs 12,915-crore deal, making JSW the fourth-largest paint company in India. The acquisition includes a 74.76% stake purchase and an open-market offer for the remaining shares.
- Country:
- India
In a significant development, JSW Paints has received the green light from India's fair trade regulator, the Competition Commission of India (CCI), to acquire a majority stake in Akzo Nobel's India unit. The Rs 12,915-crore deal positions JSW Paints as the fourth-largest player in India's paint industry.
The approved acquisition involves an initial 74.76% stake purchase in Akzo Nobel India for Rs 8,986 crore. Additionally, JSW Paints plans an open-market offer to acquire a further 25% of the company, intending to consolidate its market presence significantly.
JSW Group, a major conglomerate with interests across various sectors, views this acquisition as a strategic expansion of its footprint into the paint industry, demonstrating its commitment to diversifying its business interests.
(With inputs from agencies.)
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