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