JSW Paints and a consortium of Advent International and Indigo Paints are in the race to acquire Akzo Nobel India, the owner of Dulux Paints, according to reports. This comes as the company's Dutch parent, Akzo Nobel NV, is looking to exit India as part of its global restructuring plan.
JSW Paints and Advent-Indigo submitted their binding bids this week after the initial deadline of April 15 was extended. Fevicol-maker Pidilite Industries is also reported to be in the race, though it is not an aggressive bidder and mainly targets Akzo’s decorative business.
Akzo Nobel India had on November 22 approved the proposal of selling non-productive assets of the company. Akzo is re-evaluating its position in India amid intensifying competition in the decorative paints segment, which the company has described as "ripe for consolidation".
Akzo Nobel India's market capitalisation is near Rs 15,943 crore and the share has dropped 2 percent this year.
