Blackstone Makes $1.2 Billion Offer for AkzoNobel's India Paint Business

19 Mar, 2025

According to reports, international investment giant Blackstone has made a non-binding bid of $1.2 billion to buy AkzoNobel's paint division in India. This aligns with Blackstone’s strategy to expand its presence in India, focusing on key sectors like healthcare and consumer retail. AkzoNobel NV, which holds a 74.76% stake in its Indian entity, has expressed interest in selling its paint business by the end of the year, attracting attention from multiple potential buyers.

Apart from Blackstone, other major companies like Pidilite and JSW Group are also in the race to acquire the business. Additionally, private equity firms such as Warburg Pincus and Carlyle Group have shown interest in bidding. The competition for AkzoNobel’s Indian paint business is intensifying, with the final decision likely influenced by strategic alignment, market potential, and long-term growth opportunities rather than just monetary value.

AkzoNobel’s paint business in India has been a major player in the country’s coatings industry for over 70 years. The company is recognized for its innovative and sustainable products, with leading brands like Dulux, Sikkens, and Interpon. The potential acquisition of AkzoNobel’s Indian unit could significantly impact the country’s paint market dynamics, reshaping competition and opening new avenues for growth.

Blackstone has a proven history of acquiring businesses across various sectors, including real estate, private equity, and infrastructure. In 2016, it acquired a controlling stake in IT services company Mphasis, outbidding competitors like Tech Mahindra and Apollo Global Management. Globally, Blackstone has executed several high-profile acquisitions, including Hilton Hotels and commercial real estate investments, demonstrating its expertise in strategic takeovers.

The Indian paint industry continues to expand, driven by urbanization, rising disposable incomes, and government infrastructure initiatives. AkzoNobel’s exit could create new opportunities for investors and reshape the industry’s competitive landscape.

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