Paints consolidation: JSW Paints gets CCI nod for Rs 12,915 crore Akzo Nobel India deal; to become fourth-largest player

Fair trade regulator Competition Commission of India (CCI) has approved Sajjan Jindal-led JSW Paints’ plan to acquire a majority stake in Akzo Nobel’s India business in a Rs 12,915 crore transaction.JSW Paints had in June announced it would purchase a 74.76% stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer worth Rs 3,929.06 crore to acquire another 25% from public shareholders, PTI reported. The deal will position JSW Paints as the fourth-largest player in the country’s paint industry.“Commission approves the acquisition of up to 75 per cent shareholding in Akzo Nobel India Ltd by JSW Paints Ltd,” CCI said in a post on X.JSW Paints is part of the $23 billion JSW Group, with interests spanning steel, cement, energy, infrastructure, automotives and paints. The group entered the paints market in 2019 and has been expanding its footprint aggressively.Akzo Nobel India Ltd (ANIL), which operates in decorative and industrial paints, is part of Netherlands-headquartered Akzo Nobel. Under the agreement, the Dutch parent will retain its India Powder Coatings business and the International Research Centre while divesting the bulk of ANIL’s operations to JSW.Akzo Nobel India reported revenues of Rs 4,091.21 crore in FY25. The company had earlier confirmed signing an agreement to transfer its stake to the JSW Group.Meanwhile, CCI also cleared another transaction involving Triumph Composites Pvt Ltd and Quartz Fibre Pvt Ltd, which will acquire the entire shareholding of IPM Inc and OC NL Invest Cooperatief UA in Owens-Corning (India) Pvt Ltd. The deal covers the manufacturing and supply of specific glass fibre products including chopped strand mat, assembled rovings, woven fabrics and continuous filament mat.The competition watchdog said these clearances are part of its mandate to ensure fair competition and prevent anti-competitive practices in the marketplace.