JSW Paints has signed an agreement to buy up to 74.76% of Akzo Nobel India Limited (ANIL) from its parent company, Akzo Nobel N.V. and its partners. The deal is worth up to Rs 8,986 crore, but the final price may change depending on certain conditions.

Before the deal is complete, it must be approved by the Competition Commission of India (CCI). Also, JSW Paints must make a public offer to buy shares from other ANIL shareholders.

JSW Paints, which is part of the US$ 23 billion JSW Group, is one of the fastest-growing paint companies in India. ANIL is a major player in both decorative and industrial paints and owns well-known brands like Dulux, International, and Sikkens. ANIL is part of the global company Akzo Nobel, based in the Netherlands.

This deal will help JSW Paints become stronger in a fast-growing industry.

Parth Jindal, Managing Director of JSW Paints, said they are happy to welcome popular paint brands like Dulux into the JSW family. He added that the company wants to create the “paint company of the future” by combining JSW’s values with the strength of Akzo Nobel’s brands and people.

The total deal amount includes an extra payment of up to Rs 447 crore, depending on future results.

Greg Poux-Guillaume, CEO of Akzo Nobel, said this deal is a big step in their business strategy. He said Akzo Nobel India has always performed well, and he believes JSW will take good care of the business and help it grow in India.

Morgan Stanley advised JSW Paints on the deal. Khaitan & Co. was the legal advisor, and Deloitte handled the financial and tax checks.