JSW Paints, a subsidiary of the $23 billion JSW Group, has received approval from the Competition Commission of India (CCI) to acquire up to a 75% stake in Akzo Nobel India Ltd (ANIL) for ₹12,915 crore. This strategic move positions JSW Paints as the fourth-largest player in India’s competitive paint industry, which is currently dominated by Asian Paints, Berger Paints, and Kansai Nerolac.
The deal comprises a ₹8,986 crore purchase of a 74.76% stake from Akzo Nobel N.V., followed by a mandatory open offer to acquire an additional 25.24% from public shareholders for up to ₹3,929 crore. The acquisition is expected to be completed by the fourth quarter of FY25. Akzo Nobel India, headquartered in Gurugram, is renowned for its premium brands, including Dulux, International, and Sikkens.
Parth Jindal, Managing Director of JSW Paints, expressed enthusiasm about the acquisition, stating that it presents an exciting opportunity to build the paint company of the future. He emphasized the company’s commitment to leveraging this acquisition to drive growth and innovation in the industry.
The CCI’s approval comes amid increasing consolidation in the Indian paint sector. In 2024, Grasim Industries launched its Birla Opus brand, challenging market leaders and leading to an antitrust complaint against Asian Paints for alleged abuse of market dominance. JSW Paints had previously filed a similar complaint in 2022, which was dismissed by the CCI due to insufficient evidence of anti-competitive practices.
This acquisition underscores the growing trend of mergers and acquisitions in the Indian paint industry as companies seek to expand their market share and enhance their competitive positioning. JSW Paints’ entry into the top tier of the market is expected to intensify competition and drive further innovation in the sector.
As the deal progresses, stakeholders will be closely monitoring its impact on market dynamics, pricing strategies, and consumer choices within the Indian paint industry.
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