Akzo Nobel India announced that its board of directors has accepted a binding offer from AkzoNobel N.V. to acquire the company’s powder coatings business and International Research Centre (R&D) for Rs 2,073 crore and Rs 70 crore, respectively.
The transaction also includes the sale and transfer of intellectual property rights for the decorative paints business in India, Bangladesh, Bhutan, and Nepal for Rs 1,152 crore, the company said in a late evening statement.
These transactions will enable Akzo Nobel India to focus on its liquid paints and coatings business and become a fully brand-and-technology-independent company for its core decorative paints business.
The transactions are subject to shareholder approval, which will be sought in the coming weeks, and approval from the supervisory board of AkzoNobel N.V.
AkzoNobel N.V. is in the process of selling its decorative paints business in India, which has attracted interest from Blackstone, Pidilite, and JSW Paints.
