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Time of India
a day ago
- Business
- Time of India
JSW Paints seeks CCI nod to acquire majority stake in Akzo Nobel India for ₹12,915 crore
NEW DELHI: Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country. "The proposed transaction relates to the acquisition of up to 75 per cent shareholding in the target (Akzo Nobel India Ltd) by the acquirer (JSW Paints Ltd) through a share purchase agreement, and a mandatory open offer," according to a notice filed with the Competition Commission of India. The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family -- employees, customers and partners -- we aspire to build the paint company of the future," he said. In October 2024, Akzo Nobel NV announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
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Business Standard
a day ago
- Business
- Business Standard
JSW Paints seeks CCI nod to acquire stake in Akzo Nobel for ₹12,915 cr
Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a ₹12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for ₹8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to ₹3,929.06 crore, totalling over ₹ 12,915 crore, to become the fourth-largest player in the paint industry in the country. "The proposed transaction relates to the acquisition of up to 75 per cent shareholding in the target (Akzo Nobel India Ltd) by the acquirer (JSW Paints Ltd) through a share purchase agreement, and a mandatory open offer," according to a notice filed with the Competition Commission of India. The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family -- employees, customers and partners -- we aspire to build the paint company of the future," he said. In October 2024, Akzo Nobel NV announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
Time of India
a day ago
- Business
- Time of India
JSW Paints seeks CCI nod to acquire majority stake in Akzo Nobel India for Rs 12,915 cr
Sajjan Jindal-led JSW Paints has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in Dutch paint maker Akzo Nobel's India unit in a Rs 12,915-crore deal. The development came after JSW Paints announced in June this year that it will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 per cent from open market for up to Rs 3,929.06 crore, totalling over Rs 12,915 crore, to become the fourth-largest player in the paint industry in the country. Explore courses from Top Institutes in Select a Course Category Artificial Intelligence MCA Cybersecurity Others Public Policy healthcare Project Management others Operations Management MBA Data Science Healthcare Management Leadership Data Science CXO Degree Product Management Data Analytics Digital Marketing Finance Technology PGDM Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details "The proposed transaction relates to the acquisition of up to 75 per cent shareholding in the target (Akzo Nobel India Ltd) by the acquirer (JSW Paints Ltd) through a share purchase agreement, and a mandatory open offer," according to a notice filed with the Competition Commission of India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The World's Most Stunning Blue Flag Beaches Ranked: Top 25 List! Click Here Undo The parties (JSW Paints and Akzo Nobel India) said the proposed combination does not raise competition concerns in any plausible relevant markets and therefore, the relevant market delineations may be left open. JSW Paints is a part of the USD 23 billion JSW Group, one of India's leading conglomerates with diverse interests across a range of B2B and B2C sectors, including steel, cement, energy infrastructure, automotives and paints. Live Events Akzo Nobel India Ltd (ANIL) is a decorative and industrial paint player and part of Netherlands-headquartered Akzo Nobel. In June, Akzo Nobel NV, in a global statement, said it has signed an agreement to sell its shareholding in Akzo Nobel India to the JSW Group. However, the Dutch parent firm also said the India Powder Coatings business and International Research Centre, both currently part of ANIL, will be "retained by Akzo Nobel" under full ownership. JSW Paints, with other group entities JTPM Metal Traders and JSW EduInfra, has also announced an open offer to acquire the remaining 25.24 per cent share of ANIL from the public shareholders for a total consideration of up to Rs 3,929.06 crore. The deal will help JSW Group expand its play in the paint segment, which it entered in 2019. JSW Paints Managing Director Parth Jindal said paints & coatings is one of India's fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family -- employees, customers and partners -- we aspire to build the paint company of the future," he said. In October 2024, Akzo Nobel NV announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Its revenue from operations in FY25 was Rs 4,091.21 crore. The Indian paint industry is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are the other top brands. In the last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints.
CNBC
6 days ago
- Business
- CNBC
Chip giant ASML smashes expectations on second-quarter net bookings
ASML reported second-quarter earnings that beat estimates with the its key net bookings figure ahead of consensus. Here's how ASML did versus LSEG consensus estimates for the second quarter: In its own previous forecast issued in April, ASML had said it expected second-quarter net sales of between 7.2 billion euros and 7.7 billion euros. Analysts anticipated net bookings — a key indicator of order demand — would come in at 4.19 billion euros over the April-June stretch. ASML reported net bookings of 5.5 billion euros. ASML is one of the most important semiconductor supply chain companies in the world. It makes extreme ultraviolet lithography (EUV) machines, which are required to manufacture the most advanced chips in the world, such as those designed by Apple and Nvidia. Companies like Intel and Taiwan Semiconductor Manufacturing Co. are customers of ASML. The Veldhoven, Netherlands-headquartered company has released its next generation EUV tools known as High NA, which stands for high numerical aperture. These machines, which are larger than a double-decker bus and can cost more than $400 million each, are key to ASML's future growth plans. Like many companies in the semiconductor industry, ASML has been grappling with uncertainty created by U.S. tariff policy.
Yahoo
09-07-2025
- Automotive
- Yahoo
China's GAC Fiat Chrysler JV declared bankrupt
GAC Fiat Chrysler Automobiles Company, the joint venture between the Netherlands-headquartered automaker Stellantis NV and Chinese state-owned Guangzhou Automobile Group, has been officially declared bankrupt. The company recently disclosed documents confirming that a court in China's Hunan Province has officially declared the company bankrupt, according to local reports. GAC Fiat Chrysler Automobiles was founded in 2010, with both partners holding 50% of the equity. The joint venture received investments of around CNY 17 billion (US$ 2.4 billion) and began producing Chrysler SUV models under the Jeep brand, including the Compass, Cherokee, and Renegade, from 2015. Local sales peaked at 220,000 units in 2017. Sales plunged thereafter, with local media reporting mounting customer complaints related to excessive oil consumption, causing volumes to plunge to just over 20,000 in 2021. Following disagreements over how to move the joint venture forward, the two partners agreed to wind down the company in 2022. Stellantis, which includes the Peugeot, Citroen, Fiat, Opel, Vauxhall and Chrysler brands, has struggled to gain a significant foothold in the Chinese market, unlike German brands such as Volkswagen, BMW and Mercedes-Benz, as well as General Motors and Ford. "China's GAC Fiat Chrysler JV declared bankrupt" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
