The Competition Commission of India cleared on Tuesday Sajjan Jindal-led JSW Paints' proposal to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal.
The development came after JSW Paints announced in June this year that it would buy a 74.76% stake in Akzo Nobel India Ltd for Rs 8,986 crore, followed by an open offer to buy another 25% from the open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country.
"Commission approves the acquisition of up to 75 per cent shareholding in Akzo Nobel India Ltd by JSW Paints Ltd," the regulator said in a post on X..
C-2025/07/1301 : Commission approves the acquisition of up to 75% shareholding in Akzo Nobel India Limited by JSW Paints Limited pic.twitter.com/kz6hnwooNt
September 16, 2025JSW Paints plans to fund its nearly Rs 13,000-crore acquisition of Akzo Nobel India through roughly parts internal accruals, bank debt and private equity support.
Giving a crude breakup of the funding plan, JSW Paints Managing Director Parth Jindal had said: "The funding will be a mix of internal accruals and some support from financial creditors through private equity."
"One-third, one-third, one-third ratio of all three," Jindal added.
However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of Akzo Nobel India, will be 'retained by Akzo Nobel' under full ownership.
Akzo Nobel India is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel.
The deal will help JSW Group expand its play in the paint segment, which it entered in 2019.
In a separate deal, the Competition Commission of India also approved the proposed acquisition of the entire shareholding of IPM Inc and OC NL Invest Cooperatief UA in Owens-Corning (India) Pvt Ltd by Triumph Composites Pvt Ltd and Quartz Fibre Pvt Ltd.
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