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In a major development paint manufacturing company JSW Paints is set to emerge as a major player in India as the company has recently cracked a major deal. It has decided to buy a 74.7 percent stake in the India unit of Akzo Nobel. The Rs 9403.22 crore deal will make JSW Paints the fourth-largest company in Indias Rs 90000 crore paint market. Notably Akzo Nobel operated its business in India under the Dulux brand. The paint market in India is very competitive and following this major deal a proposal will also be presented to acquire a 26 percent stake from the small shareholders of the company. The open offer’s price will be decided by the market regulator SEBI. Why Is It Termed As The Companys Biggest Acquisition? According to a report by the Economic Times on May 26 JSW Paints decided to buy Akzo Nobel for a whopping amount of USD 1 billion. Notably this is JSW’s biggest acquisition deal to date. What Does The Agreement Say? According to the agreement Akzo Nobel with the help of two promoter companies is going to share its stake. Out of two promoter companies one is Imperial Chemical Industries Ltd which holds a 50.46% stake in Akzo. The second promoter company is Akzo Nobel Coatings International BV which has a 24.30% stake and is considered a holding/promoter company. Which Companies Were Left Behind? Parth Jindal head of the paint company won the bids from a group including Indigo Paints and Advent International as well as adhesive manufacturer Pidilite Industries. Sharing his views on the deal he stated that acquiring the stakes of Akzo Nobel India is an opportunity for him and the company has a strong holding in the cities. “There is no option... I have to give my all for Akzo Nobel India. Akzo Nobel Indias Dulux paints operate in the luxury and ultra-premium segment. They have a good hold in cities. This deal will greatly benefit JSW Paints in both brand name and market reach”  Parth said. Which Companys Stake Did Mukesh Ambani Sell? Mukesh Ambani has sold his 500 crore rupee stake in Asian Paints realising a 2200% profit after 17 years of investment. He has thus divested himself of the paint industry.