Dulux brand painting buckets are stacked on a palette in a paint factory Akzo Nobel India Ltd. … More
JSW paintings—Apacked by Tycoon Savitri Jindal and his family– agreed to buy a majority participation in Akzo Nobel activities in India in an agreement valued at 1.4 billion euros ($ 1.6 billion), including debt, double industry despite the intensification of competition.
Under the agreement, Akzo Nobel, based in Amsterdam, will receive 900 million euros in cash from the sale, while the rest of the product will be used to reimburse the debts, according to a joint statement Released on Friday.
“With JSW, we are convinced that the company is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector,” said Greg Poux-Guillaume, CEO of Akzo Nobel in the press release.
The agreement is subject to regulatory approval. JSW will also have to make a compulsory tender offer for the remaining actions of Akzo Nobel India, the Dulux Paintes manufacturer.
“We aspire to build the company’s painting company,” said Parth Jindal, managing director of JSW Paints, in the press release. “With the magic of Dulux and the reflection of JSW paintings, we are impatient to delight customers and build a lasting value for our stakeholders”.
JSW painting is developing even if competition in the industry warms. Earlier this month, Reliance Industries sold most of its Asian paint actions worth 77 billion rupees ($ 895 million). Reliance, which invested almost 20 years ago, reduced its participation in the slowdown in demand and competition from competition from new players such as Birla Opus of the Billionaire Kumar Birla.
Jindal is the president of the JSW group, of which she inherited her late husband, Om Prakash Jindal. She and her family have an estimated net value at $ 37.9 billion, according to Forbes’ real -time data. His son, Sajjan Jindal, based in Mumbai, manages the big companies in the group, including JSW Steel, JSW CEMENT and JSW PAINTS.