Private equity giant Blackstone has submitted a non-binding offer to acquire AkzoNobel India’s paints business for approximately $1.2bn, according to a report by Business Standard citing unnamed sources familiar with the matter.
The bid follows Blackstone’s $100bn investment commitment to India, underscoring the firm’s strategic focus on consumer retail, healthcare, and IT — sectors attracting significant global investor interest.
AkzoNobel NV, the Dutch parent company, currently holds a 74.76% stake in its Indian subsidiary and recently announced plans to acquire the powder coatings division and International Research Center from AkzoNobel India. Blackstone’s proposal also includes the transfer of intellectual property associated with the local decorative paints segment.
The offer is still in preliminary stages, with further negotiations expected in the coming weeks.
