Blackstone, world’s biggest alternative asset manager, has reportedly made an acquisition offer for paint business of AkzoNobel India, a Business Standard report said on Monday. According to the report, it is a non-binding offer with the paint business being valued at somewhere around $1.2 billion.
The development comes days after Blackstone revealed its strategy to go big in terms of investments in India. The firm is eyeing over $100 billion investments in the country with focus on sectors such as healthcare, consumer retail among other things.
At present, AkzoNobel NV holds 74.76 percent stakes in the Indian entity and has spoken about plans to sell its International Research Centre as well, the Business Standard report said. Apart from Blackstone, Pidilite and JSW Group are also in the fray for the pain business, the report added.
In case AkzoNobel NV accepts Blackstone’s offer, the asset manager will commence all the necessary reports and make the final offer. So far, both Blackstone and AkzoNobel NV have not issued any statement either confirming or denying the report.
In the last analyst call, AkzoNobel NV management had expressed interest in selling its paint business by the end of this year. The company is likely to keep the 10 percent stake in the paint business after the sale, the management had said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
