JSW Paints, a part of the diversified JSW Group, has likely emerged as the front-runner to acquire the majority stake in AkzoNobel India, currently held by the Dutch parent company Akzo Nobel N.V. The final decision is still pending.
Advent–Indigo Paints Consortium Still in the Mix
Although many view JSW Paints as leading the bidding pack, the consortium of private equity major Advent International and Indigo Paints remains a key rival in the final phase of the sale process. Earlier reports also identified Fevicol maker Pidilite Industries as a bidder, though it seems to have taken a backseat in the latest developments.
Binding Bids Submitted, Decision Awaited
Sources familiar with the developments revealed that bidders recently submitted binding offers, and they now consider JSW Paints the most likely candidate to clinch the deal. However, Akzo Nobel N.V., headquartered in Amsterdam, has yet to make a final decision.
Financing Talks Underway
The potential acquisition is expected to involve a significant financial outlay. According to insiders, JSW Paints had initially engaged with private equity players for funding support. More recently, it has been in discussions with global debt and credit funds to structure financing for the proposed buyout. Investment bank Citi is acting as the sell-side advisor on the transaction.
Valuation and Market Dynamics
Akzo Nobel N.V. currently holds a 74.76% stake in its Indian arm, and any acquisition of a controlling interest would trigger an open offer under Indian market regulations. As of May 15, analysts valued the Dutch firm’s stake at approximately ₹11,854 crore, based on AkzoNobel India’s market capitalization. As reported by moneycontrol.com, the Indian operations span both decorative and industrial paints, and the company’s stock has gained nearly 36% over the past year, reflecting strong market interest and performance.
