JSW Paints has completed the acquisition of a majority stake of 60.7 per cent in AkzoNobel India, subsequently becoming the promoter of the company.

With this deal, the combined entity with AkzoNobel India Ltd (ANIL) makes JSW Paints, a 5-year-old firm, the third-largest player in the decorative paint segment.

"Pursuant to the completion of the aforesaid acquisition, the acquirer (JSW Paints) now holds 27,871,723 equity shares, representing 61.2 per cent of the paid-up equity share capital of the Company," ANIL said in a regulatory filing.

The promoters of the company have been reclassified from the 'promoter and promoter group' category of the company to the 'public' category, it added.

JSW Paints, currently an unlisted entity, is part of the USD 23-billion Sajjan Jindal-led JSW group

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