The Indian unit of Akzo Nobel, who traded paint under the ‘Dualux’ brand in the country, has sold its 74.7% stake to JSW Paints for Rs 8,986 crore. The company has announced to sign an agreement for this. With this, the Paint manufacturer owned by Jindal Group has become the fourth largest company in India’s 80,000-90,000 crore paint market. After this deal, JSW will have to bring an open offer for 26% stake in the company. There was a discussion for several days that the company is going to buy duals paints.
2 other companies were also in the race
Under this business deal, the Dutch company will sell its stake through two promoter institutions Imperial Chemical Industries Limited, which has a 50.46% stake in Akzo Nobel India and is a holding/promoter unit. After this Akzo Nobel Cotings International B.V. Is, which has a 24.30% stake in the company. Partha Jindal -headed paint manufacturer has bought Dulux Paints, beating Indigo Paints and Consortium dialects of Advent International and Pidilite Industries.
JSW Paints told future plans
Partha Jindal, managing director of JSW Paints, said, “We are excited to welcome a new company in the JSW family. We are ready to create a future paint company with Akzo Nobel India employees, customers and partners.”
