Global Giants Vying for Akzo Nobel India's Paint Business

The competition to acquire Akzo Nobel NV's India business has heated up, with Blackstone and other PE funds expressing interest. Players like JSW Paints and Pidilite Industries are also contenders. Some key firms have opted out due to regulatory concerns, as Akzo Nobel explores divestment in South Asia.

The race to acquire the India business of Dutch multinational paint company Akzo Nobel NV has intensified further with the entry of global investment firm Blackstone, industry sources reveal.

In addition to Blackstone, three other US-based private equity funds, including Warburg Pincus, Carlyle Group, and Jersey-based CVC Capital Partners, have shown interest in acquiring a controlling stake in Akzo Nobel's Indian operations, which are part of its South Asia business extending to Pakistan, Nepal, and Sri Lanka.

While industry giants such as Aditya Birla Group's Birla Opus and Berger Paints have exited the race, Asian Paints is hesitant, fearing regulatory hurdles. Meanwhile, JSW Paints and Pidilite Industries are poised to acquire Akzo Nobel's substantial stake as the company re-evaluates its holdings in the region.

(With inputs from agencies.)