The target is a public listed company that is engaged in the manufacture and sale of decorative paints and industrial coatings in India, and forms part of the Akzo Nobel Group
JSW Paints has secured the approval from the Competition Commission of India (CCI) to acquire 75 per cent stake in Dutch paint maker Akzo Nobel’s Indian unit, the antitrust body said in a notification on Tuesday.
“The proposed transaction relates to the acquisition of up to 75 per cent shareholding in the target by the acquirer through a share purchase agreement, and mandatory open offer (proposed combination). The acquirer is a public unlisted company that is engaged in the manufacture and sale of decorative paints and industrial coatings in India. The acquirer belongs to the JSW Group that has presence in various sectors including steel, energy, infrastructure, cement, paints, realty, and sports,” CCI said in a statement.
The target is a public listed company that is engaged in the manufacture and sale of decorative paints and industrial coatings in India, and forms part of the Akzo Nobel Group. In an earlier development, JSW Paints has entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, for a maximum consideration under the Share Purchase Agreement (SPA) of up to Rs 8,986 crore.
The company highlighted that apart from the consideration payable for the transaction at completion, there are also certain contingent consideration amounts that may become payable, totalling up to Rs 447 crore. In a separate development, after serving as the Chief Business Officer of Decorative Paints at JSW Paints for over a year, Ashish Rai has been appointed as the Chief Executive Officer of the company’s Decorative Paints Division, effective July 2025.
