AkzoNobel May Sell Only Paints Biz, 3 Firms in Fray

Company May Keep Industrial Coatings; Pidilite, JSW, Indigo to Submit Bids

- Anirudh Laskar

MUMBAI: AkzoNobel N.V may sell only its paints business in India while keeping the industrial coatings business, even as three suitors prepare to place financial bids for the maker of Dulux paints, two people aware of the matter said.

Pidilite Industries Ltd, JSW Paints and Indigo Paints Ltd have entered the second round of discussions with the paintmaker, the people cited above said on the condition of anonymity. The company, they said, is expecting a valuation of $1.5-1.7 billion for the consumer paints business.

AkzoNobel, Europe's biggest paintmaker, announced a strategic review of its India business last year.

On December 17, Mint reported that Pidilite, Indigo Paints and JSW have entered the race for Akzo Nobel India, whose parent has hired Citigroup to sell the 74.6% promoter stake.