JSW Paints agreed to buy up to 74.76% of Akzo Nobel India from Dutch parent Akzo Nobel N.V. and its affiliates for as much as ₹8,986 crore, according to exchange filings and company statements. The stake will be acquired at ₹2,762.05 a share, representing a 16% discount to Akzo Nobel India’s last closing price. The agreement allows for an additional contingent payment of up to ₹447 crore and triggers a mandatory open offer for the remaining 25.24% of the company at ₹3,417.77 a share, potentially lifting the overall outlay to about ₹39.3 billion. Completion is subject to clearance from the Competition Commission of India. The transaction gives JSW Paints, part of the $23 billion JSW Group, control of Dulux and other premium brands in India and marks Akzo Nobel’s exit from the market. Should the open offer succeed, JSW would hold roughly three-quarters of Akzo Nobel India, vaulting the six-year-old firm into the top tier of the country’s ₹90,000-crore paints industry. The deal caps a month of heavy activity in the sector. Earlier in June, Reliance Industries raised about ₹9,579 crore by selling nearly its entire 4.5% holding in market leader Asian Paints through two block trades priced around ₹2,201 a share. SBI Mutual Fund and ICICI Prudential Mutual Fund were among the principal buyers. The twin moves underline a broader realignment as established conglomerates reposition and newer entrants vie for share in India’s fast-growing decorative and industrial coatings market.