(Reuters) – India’s antitrust body said on Tuesday it has cleared JSW Paints’ deal to acquire up to 75% stake in Dutch paint maker Akzo Nobel’s Indian unit.
The deal, which was announced in late June, comes at a time when Indian paint makers are grappling with rising raw material costs and intensifying competition.
Post completion, the JSW Paints-Akzo Nobel deal will help place the unit, which is part of the $23 billion JSW Group, to fourth place by market share in a sector dominated by Asian Paints, Berger Paints and Kansai Nerolac, according to a Geojit Financial Services analyst.
The Indian paints sector has also lately seen rising battles over competitive practices.
Grasim Industries launched its Birla Opus brand in 2024, eating into Asian Paints’ market share. The company later filed an antitrust complaint against Asian Paints, alleging abuse of market dominance.
JSW Paints had also previously accused Asian Paints of anti-competitive practices, but the Competition Commission of India dismissed the case in 2022, citing no violation of competition laws.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Shailesh Kuber)
