AkzoNobel shares rise as majors eye stake
As per reports in a business daily, the top paint manufacturers are looking to acquire AkzoNobel's India stake. As per sources, the promoters are looking at exiting the India market by selling their 74% stake.
08 Jan 2025 | 1020 Views | By WhatPackaging? Team
Berger Paints, JSW Paints, Indigo Paints and Aditya Birla Group are keen to buy a majority stake in AkzoNobel India. Today, the Netherlands-headquartered company is the fourth-largest paints company with a 7% market share in India. The Indian domestic paints market is valued at USD 7.8 billion) as per industry reports.
On cue, the AkzoNobel India shares closed trade at a 6.14% increase, as investors lapped up news of its possible stake sale. Market pundits expect the deal to shake up the paint industry.
Readers of WhatPackaging? are aware that AkzoNobel produces packaging coatings in India at its Thane plant. The group is planning to add new product categories for manufacture at Thane like BPAni coatings and water-based overprint varnishes for beverage cans.
AkzoNobel is a world-leading supplier of coatings and inks for the protection and decoration of beverage, food, aerosol and general line cans, metal closures and collapsible tubes.
Meanwhile, AkzoNobel India issued an official statement which said, "We have not received any specific information or communication from our parent company about any such event or negotiation."