Mumbai, June 27 -- JSW Paints today said that the company has entered into definitive agreements to acquire up to a 74.76 pc stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crore, subject to certain closing adjustments (Proposed Transaction).
The proposed transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (open offer) to the public shareholders of ANIL.
This transformative acquisition positions JSW Paints as one of the major players in the sector, which is expected to see robust growth in the years ahead.
Parth Jindal, Managing Director, JSW Paints, said,...