JSW Paints Launches ₹2,997 Crore Open Offer for Akzo Nobel India

JSW Paints Ltd, in partnership with JTPM Metal Traders Ltd and JSW EduInfra Private Ltd, has launched an open offer to acquire up to 26% (1.18 crore shares) of Akzo Nobel India Ltd at ₹3,231.77 per share, valued at ₹2,997 crore. Morgan Stanley is the offer manager. This move follows JSW’s ₹12,915 crore deal to buy a controlling stake in Akzo Nobel India—comprising ₹8,986 crore for initial acquisition and ₹3,929 crore for the open offer. To stay below the 75% voting cap, the offer may be scaled down to 20.36% (92.7 lakh shares) if fully subscribed. The acquisition aims to make JSW Paints the fourth-largest player in India’s paint industry, marking a major consolidation and intensifying competition in the sector. The deal underscores JSW’s aggressive expansion into high-growth consumer markets and signals a shift in the industry’s competitive dynamics.