CCI Approves JSW Paints’ Acquisition of Up to 75% Stake in Akzo Nobel India

17 Sep 2025 , 10:23 AM

The Competition Commission of India (CCI) has approved JSW Paints Ltd’s plan to acquire up to 75% stake in Akzo Nobel India Ltd, a deal that will reshape the decorative paints and coatings market. The Sajjan Jindal-led JSW Group company will execute the transaction through a share purchase agreement and a mandatory open offer, the regulator said. A detailed order is expected shortly.

Back in June, Akzo Nobel’s promoters announced their decision to exit the India business by selling their entire holding to JSW Paints. Following that, a draft open offer to acquire an additional 25.24% stake was filed in July.

Akzo Nobel India, headquartered in Gurugram, is a listed entity engaged in decorative paints and performance coatings, and forms part of the global Akzo Nobel Group.

Rajiv Rajgopal, Chairman and Managing Director of Akzo Nobel India, recently said the transaction is likely to be completed in the fourth quarter of FY25. He noted that while coordination with JSW has begun, regulatory protocols mean discussions are limited. “There are constraints because of the CCI process. We are complying with every governance requirement,” he said, adding that JSW’s leadership has shared its aggressive vision for the business.

Parth Jindal, Managing Director of JSW Paints, has called the deal an “exciting opportunity.” Speaking earlier at the World Economic Forum in Davos, he remarked: “There is no choice… I have to give everything I’ve got for Akzo Nobel India.”

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