JSW Paints clinches AkzoNobel deal; stock rises over 3%

JSW Paints has sealed the deal to acquire a 75% stake in AkzoNobel India, the country's fourth-largest paints maker, for ₹12,000 crore ($1.4 billion), informed sources have told FE.

- VIVEAT SUSAN PINTO

An official announcement is likely to be made as early as next week, with JSW Paints, an unlisted company, looking at a mix of internal accruals, debt and equity to fund the acquisition, persons in the know said.

AkzoNobel NV, the Dutch parent of AkzoNobel India, had put its 75% shareholding in the firm on the block, following a strategic review that began in October last year. Both AkzoNobel India and JSW Paints declined comment when contacted.