JSW Paints has successfully acquired a 60.76% stake in Akzo Nobel India (ANIL) from Akzo Nobel N.V. and its affiliates. With the addition of the 0.44% stake obtained through an open offer, JSW Paints now possesses a total of 61.2% in the company.
ANIL, a prominent manufacturer of decorative and industrial paints in India, was previously part of the Netherlands-based Akzo Nobel. This acquisition positions JSW Paints as a key player in the domestic paints and coatings market, which is anticipated to experience robust growth.
This transaction represents one of the more substantial deals within Indiaās paints sector, enhancing JSW Paintsā portfolio in both decorative and industrial coatings. Akzo Nobel has indicated that the sale is in line with its strategy to refine its global focus.
Morgan Stanley provided advisory services to JSW Paints for this transaction, while Khaitan & Co. served as the legal advisor and Deloitte managed the financial and tax due diligence.
