JSW Paints gets CCI nod to acquire majority stake in Akzo Nobel India business: Details here

The Competition Commission of India (CCI), the country's fair trade regulator, on Tuesday approved Sajjan Jindal-led JSW Paints' move to acquire a majority stake in the Indian unit of Dutch paint maker Akzo Nobel.

The development came after JSW Paints announced in June this year that it would purchase a 74.76% stake in Akzo Nobel India Ltd (ANIL) for ₹8,986 crore, followed by an open offer to buy the remaining 25.24% from the public shareholders for up to ₹3,929.06 crore, which will be done in collaboration with other group entities — JTPM Metal Traders and JSW EduInfra.

The deal, amounting to ₹12,915 crore, is set to make JSW Paints the fourth-largest player in India's paint industry, a PTI report stated.

"Commission approves the acquisition of up to 75 per cent shareholding in Akzo Nobel India Ltd by JSW Paints Ltd," the regulator posted on X (formerly Twitter).

JSW Paints to expand presence

JSW Paints is a part of the $23 billion JSW Group, a major Indian conglomerate with interests spanning steel, cement, energy infrastructure, automotives and paints.

Akzo Nobel India is a player in the decorative and industrial paint segment. It is part of the Netherlands-headquartered Akzo Nobel.

In June, Akzo Nobel NV confirmed that it had signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also stated that the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership, the news report by PTI said.

With this acquisation, JSW Group, which entered the paint segment in 2019 aims to significantly expand its presence in the segment. Akzo Nobel's revenue from operations stood at ₹4,091.21 crore in FY25.

CCI approves separate acquisition in glass fibre sector

In a separate development, the CCI also approved the proposed acquisition of the entire shareholding of IPM Inc and OC NL Invest Cooperatief UA (OC India Sellers) in Owens-Corning (India) Pvt Ltd (Target) by Triumph Composites Pvt Ltd and Quartz Fibre Pvt Ltd.

The companies involved in the deal are active in the manufacturing and supply of specific glass fibre products, such as chopped strand mat, assembled rovings, direct rovings, dry use chopped strands, woven rovings/fabrics, and continuous filament mat, PTI reported.

"CCI approves the proposed acquisition of the entire shareholding of IPM Inc and OC NL Invest Cooperatief UA (OC India Sellers) in Owens-Corning (India) Pvt Ltd (Target) by Triumph Composites Pvt Ltd and Quartz Fibre Pvt Ltd, the competition watchdog said in a post on X.

The CCI's approval is mandatory for deals that cross a certain financial threshold require to ensure fair competition and prevent unfair business practices in the marketplace, PTI reported.