Mumbai (Maharashtra) [India], June 27 (ANI): JSW Paints Limited, on Friday, entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel NV and its affiliates, for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crores, subject to certain closing adjustments (Proposed Transaction).

The Proposed Transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (Open Offer) to the public shareholders of ANIL.

JSW Paints is India's fastest growing paints company and a part of the USD 23 billion JSW Group, India's leading conglomerate with diverse interests across a range of B2B and B2C sectors including steel, cement, energy infrastructure, automotives and paints.

ANIL is one of India's leading decorative and industrial paints players and part of Akzo Nobel, a global leader in decorative paints and industrial coatings headquartered in the Netherlands.

This transformative acquisition positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead.

Parth Jindal, Managing Director, JSW Paints, said, 'Paints & Coatings is one of India's fastest growing sectors and JSW Paints is amongst 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.'

He added. '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.'

Greg Poux-Guillaume, CEO of AkzoNobel, said: 'This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.'

Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor. (ANI)