File Photo: Akzo Nobel, known for its Dulux brand, has a 10 percent share in the country’s painting market | Photo credit: Phil Noble
Jsw Paints and Indigo Paints of Hemant Jalan, now backed by Pe Firm Advent International, have become the two main contestants for the Indian business of the Dutch manufacturer of painting Akzo Nobel, after a hero of the first level meeting last week. Pidilite Industries is a distant third, while the PE Blackstone fund has chosen not to participate in the race, according to Know’s sources. Business line.
The binding offers of the three are expected at the end of April “or in the second last week of the months.
Akzo Nobel, known for its Dulux brand, has a 10 percent share in the country’s painting market, occupying the fourth place behind Asian paintings and Berger paintings, which together dominate with more than 75 percent, and Kansai Nerolac.
The largest Dutch began a strategic review of its profitable unity of India last year, placing decorative paintings, industrial coatings and manufacturing assets related to sale. The measure reflects Akzo’s intention to rename resources amid an intense competition in the painting industry of $ 8 billion of India.
Last week, the Akzonobel NV CEO, Grégoire Poux-Guillaume, visited India to meet with JSW paintings, indigo and pedilite paintings. “The discussions were productive, and we expect final sacrifices in one or two weeks,” said a source close to the process.
Akzo Nobel declined to comment, and JSW Paints and Indigo Paints did not respond to the consultations.
In consideration are the decorative paintings and the company of industrial coatings of the company and related manufacturing assets.
The unity of India, which appears in the Indian securities bags with a market capitalization of ₹ 16,000 million rupees, is a significant prize. Earlier this year, he acquired the intellectual property rights of the Dulux brand for India, Nepal, Bután and Bangladesh for ₹ 1,152 million rupees. Competitive, he sold his powder coating business to the parent company for ₹ 2,073 million rupees, and its vertical R&D for ₹ 70 million rupees. The net processes of ₹ 991 million rupees will cover the tax obligations of sales and finance dividends to shareholders.
Akzo Nobel’s global operations, based in Amsterdam, have a market capitalization or € 10.4 billion.
Revised offers
Jsw Paints, an early contender, associated with TPG to present non -binding offers and is to prepare a revised survey, the sources said.
Indigo Paints, a newcomer, has associated with Advent International to strengthen its position; And now it is a key contender.
Pidilite, known for adhesives and sealants, also expressed initial interest and presented non -binding offers. But the company refused to confirm the plans to make a binding offer.
Blackstone, who had valued the Indian Akzo business at $ 1.2 billion and had made non -binding offers, did not participate in recent conversations, pointing to his departure. “No meeting was a recent hero with the People,” the sources said.
For JSW and Indigo, acquiring Akzo’s assets could reinforce their brand scale and portfolio. JSW Paints, launched in 2019, aims to challenge industry leaders, while Indigo, a rapidly growing player, seeks to expand. The interest of Pidilite, although less safe, suggests a possible diversification in decorative paintings.
Posted on April 14, 2025