Berger Paints not in race to buy Dulux-maker Akzo India, CEO says 'We're doing a good job on our own'

Kolkata-based Berger Paints is no longer in the race to buy Dutch paint manufacturer Akzo Nobel's India unit due to high valuations, the company's managing director and CEO Abhijit Roy said. This comes after reports earlier claimed that Pidilite Industries, JSW Paints, Indigo Paints and Berger Paints were in the fray to buy Akzo Nobel.

"It's very expensive. We are not there in the picture as of now," Roy said during an interview with The Economic Times. "We are doing a fairly good job on our own. I don't think there is any great need for this acquisition," he said.

When asked if Berger would be interested if Akzo comes at a fairer price, Roy replied, "We are interested, but only at a reasonable price. We have asked for certain clarifications and we are waiting for that."

Dulux owner 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'.