CCI clears JSW Paints’ acquisition of up to 75% stake in Akzo Nobel India

The Competition Commission of India (CCI) has approved the acquisition of up to 75% shareholding in Akzo Nobel IndiaLtd by JSW Paints Ltd, part of the Sajjan Jindal-led JSW Group.

The transaction will be carried out through a share purchase agreement and a mandatory open offer, the regulator said. A detailed order will follow.

On June 27, Akzo Nobel’s promoters announced plans to exit the India business and sell their entire stake to JSW Paints, confirming a CNBC-TV18 newsbreak.

A draft open offer to acquire an additional 25.24% stake was subsequently filed in July. Akzo Nobel India, based in Gurugram, is a listed company engaged in decorative paints and performance coatings and is part of the global Akzo Nobel Group.

Speaking to CNBC-TV18 last month, Rajiv Rajgopal, Chairman and Managing Director of Akzo Nobel India, said the acquisition process is expected to conclude during the fourth quarter of the current financial year. He noted that while early coordination has begun, regulatory restrictions limit discussions at this stage.

“There are a bit of constraints because of the CCI process. We are complying to each and every part between both the organisations from a governance point of view,” he said.

Also Read: Akzo Nobel India expects deal with JSW Paints to close by early 2026



Rajgopal added that JSW’s leadership had outlined its ambitions. “Parth Jindal has had a conversation with us in terms of his ambition and outlook. It is very aggressive, and I’m looking forward to it,” he said.

Parth Jindal, Managing Director of JSW Paints, had earlier told CNBC-TV18 at the World Economic Forum in Davos that the deal was an “exciting opportunity.” “There is no choice… I have to give everything I’ve got for Akzo Nobel India,” he said.

On Tuesday, shares of Akzo Nobel India closed at ₹3,383.20 on the BSE, down 0.08%.