India’s Competition Commission(CCI) has cleared JSW Paints Ltd.’s plan to acquire as much as 75% of Akzo Nobel India Ltd., a deal that would reshape the South Asian nation’s paints and coatings market. According to a press release by CCI, the acquisition would be executed through a share purchase agreement and a mandatory open offer.
Once completed, the move would give JSW Paints majority control of the Indian arm of Akzo Nobel Group, a global player in decorative paints and industrial coatings. India’s JSW Paints, an unlisted public company, manufactures and sells decorative paints and industrial coatings. The company is part of the diversified JSW Group, whose portfolio spans steel, energy, infrastructure, cement, paints, real estate and sports. Akzo Nobel India, the target of the deal, is publicly traded and operates across the same segments of decorative paints and industrial coatings.
The company represents the India presence of the Netherlands-based Akzo Nobel Group, a major multinational chemicals and coatings business. CCI’s approval underscores increasing consolidation within India’s paints sector, where domestic and foreign brands are competing for market share as demand grows from housing, commercial construction and industrial activity.
The transaction, once completed, is expected to strengthen JSW Paints’s position against rivals including Asian Paints and Berger Paints, while providing Akzo Nobel Group an opportunity to realign its strategy in South Asia.
Source: Other