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.
JSW Paints is a part of the $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. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019.
Akzo Nobel India is engaged in the business of manufacturing, trading and selling of paints and related products. The Company also provides research and development services to the holding company and its group companies.
