The Competition Commission of India (CCI) has given its approval to JSW Paints for the acquisition of a majority stake in Akzo Nobel India. The deal, valued at ₹12,915 crore, will see JSW Paints acquire up to 75% of Akzo Nobel India Ltd (ANIL). This move is poised to make JSW Paints the fourth-largest player in the Indian paint industry.

JSW Paints, part of the $23 billion JSW Group, announced in June that it would buy a 74.76% stake in Akzo Nobel India for ₹8,986 crore. Following this, an open offer was made to acquire an additional 25.24% from public shareholders, amounting to ₹3,929.06 crore. The CCI's approval fulfills a key regulatory requirement for the deal to proceed. The commission stated its approval of the acquisition of up to 75% shareholding in Akzo Nobel India Ltd by JSW Paints Ltd in a post on X.

Akzo Nobel India, a subsidiary of the Netherlands-based Akzo Nobel, is involved in the manufacturing and sale of decorative and industrial paints. While JSW Group will acquire a majority stake in Akzo Nobel India, Akzo Nobel will retain full ownership of its India Powder Coatings business and International Research Centre, both of which are currently part of ANIL.

JSW Group entered the paints business in 2019 and has been steadily expanding its footprint. This acquisition will significantly strengthen its presence in the Indian paint market. Akzo Nobel India's revenue from operations stood at ₹4,091.21 crore in FY25.

The acquisition occurs amidst a challenging environment for Indian paint manufacturers, who are facing fluctuating raw material costs and increased competition. Kumar Mangalam Birla's entry into the sector last year has also intensified competition, impacting the market share of companies like Asian Paints.

The CCI also approved another acquisition, involving Triumph Composites Pvt Ltd and Quartz Fibre Pvt Ltd acquiring the entire shareholding of IPM Inc. and OC NL Invest Cooperatief UA in Owens-Corning (India) Pvt Ltd.