'We realised that partnering with a strong local player like the JSW Group would create far greater value than going it alone.'
JSW Paints, part of $23 billion JSW Group, on Friday said it will acquire majority controlling stake in Akzo Nobel India Ltd (ANIL), the maker of Dulux paints, for Rs 8,986 crore. It will acquire 74.76 per cent stake from its Dutch promoters/holding entities -- namely Imperial Chemical Industries and Akzo Nobel Coatings International BV -- for a consideration of Rs 8,986 crore, according to a statement from the JSW Group firm.
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Market leader Asian Paints, for instance, is estimated to get about Rs 400-crore (Rs 4-billion) worth of business from the state alone.
Akzo, which acquired ICI, the maker of Dulux paints, for eight billion pounds in January, said that the company had to take such action to save about 80 million pound, The Times reported. The company employs 43,000 people in more than 80 countries, including 4,500 in Britain in its coatings and paint divisions, the report said.
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