The acquisition is central to JSW Group’s renewed push into the paints business, an area the conglomerate has long viewed as a natural adjacency to its steel and cement portfolio.
The three bidders have entered the second round of discussions, with Pidilite likely to bid solo, while JSW Paints may partner with private equity firms Blackstone or TPG.
AkzoNobel India share price gained in November 25 trade after its board approved a proposal of selling non-productive properties of the company.
AkzoNobel NV, the Dutch parent of AkzoNobel India, had recently signalled its intent to engage with market players in India as it evaluates options for its decorative paints business
Revenue from operation for the quarter under review increased by 6.54 percent to Rs 774.64 crore from Rs 727.03 crore in the October-December period of the previous fiscal, AkzoNobel said in a BSE filing.
The company had posted a net profit of Rs 70.34 crore during the January-March quarter of the previous fiscal, AkzoNobel said in a regulatory filing.
Total income during the reported quarter stood at Rs 724.83 crore. It was Rs 728.61 crore during April-June, 2017-18, AkzoNobel said in a BSE filing.
"The Board of Directors of the company in their meeting held on April 6, 2018, has recommended for approval by the shareholders, through postal ballot, a proposal to buy back its own shares by the company from the public shareholders through tender offer," Akzo Nobel India said in a BSE filing.
"A meeting of the board of directors of the company scheduled to be held on April 6, 2018, inter alia, to consider proposal to buy back its own shares," Akzo Nobel India Ltd said in a BSE filing.
Paints and coatings firm AkzoNobel India today said it will sell its specialty chemicals business as a going concern to an affiliate of the AkzoNobel Group for Rs 320 crore.
AkzoNobel's net sales during the quarter under review stood at Rs 662.45 crore, up 14.65 percent, as against Rs 577.76 crore in the same period of the previous fiscal.
AkzoNobel, the leading global paints and coatings company and the makers of Dulux paints in India, presented Monarch Gold as the ...
Dulux the flagship Decorative paints brand from AkzoNobel India announced Shraddha Kapoor as its new brand ambassador. Today, she joins Farhan Akhtar ...