Akzo Nobel has exited the Indian market by selling the entire stake in its Indian unit to JSW Paints, which will assume sole control of the firm in a deal valued at 89.86 billion rupees ($1.05 billion), the companies said on Friday.
JSW Paints, part of the $23 billion JSW Group, will hold a 74.76% stake in Akzo Nobel India post the deal. The deal also includes an up to 4.47 billion rupees in contingent consideration.
JSW Paints was launched in 2019 and has two plants in India.
The deal is subject to approval from the Indian antitrust regulator, Competition Commission of India.
Reuters
