Asian Paints CEO says company open to potential acquisition of AkzoNobel's India assets

Asian Paints MD & CEO Amit Syngle

Asian Paints is open for acquisition opportunities that may come up as the industry undergoes a consolidation, said CEO Amit Syngle. He further added that Asian Paints is open to potential acquisition of AkzoNobel's India assets. AkzoNobel is in the process of reviewing its India portfolio.

Speaking to CNBC-TV18, on the sidelines of the Jury Round of the 20th Edition of the CNBC-TV18 India Business Leader Awards, he spoke about potential acquisition of AkzoNobel's assets, festive demand, consolidation in the paints industry, current geopolitical scenario and more.

“I think it’s too early to say in terms of what model they are looking at but definitely, I think there are certain parts of the business which are very, very interesting in terms of what is there," he said.

Strong demand during festivals

The company is expecting Diwali to be as "buoyant as it has been in the past,”  and all indications point to sustained, strong demand in the Indian home decor category, said Syngle.

Also Read | Asian Paints says board will consider dividend, sets record date

Consolidation in paints industry

Syngle further said in a large industry with some smaller players, there is bound to be some consolidation.

"As we see it, in a large industry with some of the smaller players, there is bound to be some consolidation which is going to happen. Definitely, some parts of it we might be interested [in]. But I think it depends on the contours of the real divestment in terms of how it takes place,” he added.

The company reported a 25 percent YoY fall in net profit to Rs 1,170 crore in Q1FY25, hit by a challenging demand environment. India’s largest paints maker’s April-June revenue from operations too fell short of estimates, declining more than 2 percent on-year to Rs 8,970 crore.

"Demand conditions for the paint industry were tough, impacted by the severe heatwave and general elections in the quarter," Syngle said in a statement.