CCI Approvals on September 16, 2025

On September 16, 2025, Competition Commission of India (CCI), under the Ministry of Corporate Affairs (MCA) approved the following proposals:

• Acquisition of shareholding of IPM Inc & OC NL Invest Cooperatief U.A.  in Owens-Corning India by Triumph Composites Private Limited & Quartz Fibre Private Limited
• Acquisition of Jaiprakash Associates Limited by PNC Infratech Limited
• Acquisition of Akzo Nobel India Limited by JSW Paints Limited

Acquisition of entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A.

Approval: The CCI approved the acquisition of entire shares held by IPM Inc. and OC NL Invest Cooperatief U.A.(OC India Sellers) in (Target) Owens-Corning (India) Limited by (Acquirers) Triumph Composites Private Limited and Quartz Fibre Private Limited.

Background: On February 13, 2025, Triumph Composites Private Limited and Quartz Fibre Private Limited, along with 3B Lux S.A.R.L, Owens Corning, Artek US Holding Corp. and Ayana Chemicals Singapore Private Limited, signed a Master Share Purchase Agreement (MSPA) for the sale of glass fibre reinforcement business of Owens Corning globally.

Transaction: The global transaction includes the sale of Owens Corning’s glass reinforcement business in India through the acquisition of the entire shareholding of IPM Inc. and OC NL Invest Cooperatief U.A. (OC India Sellers) in Owens-Corning (India) Pvt. Ltd. (Target) by the Acquirers.

Business activity: The acquirers and the Target companies are making and/or selling glass fibre products such as Chopped Strand Mat (CSM), Assembled Rovings (AR), Direct Rovings (DR), Dry Use Chopped Strands (DUCS), Woven Rovings/Fabrics (WR/Fabrics), and Continuous Filament Mat (CFM).

Acquisition of JAL by PNC Infratech :

Approval:The CCI approved (Acquirer) PNC Infratech Limited’s proposal to acquire a minimum of 95% and maximum up to 100% stake in Jaiprakash Associates Limited (JAL) (Target).

Mode of Acquisition: The acquisition can be executed directly or indirectly through a Special Purpose Vehicle (SPV) company, which will be a wholly owned subsidiary of PNC Infratech Limited.

Acquirer: PNC Infratech Limited is a publicly listed infrastructure company in India, primarily engaged in the execution of Engineering, Procurement, and Construction (EPC) projects, particularly in the road and highway sector.

• Its core activities include construction of highways, expressways, bridges, flyovers, airport runways, and other infrastructure projects.

Target: JAL is a diversified infrastructure and industrial company engaged in sectors, including hydropower generation, cement manufacturing, real estate development, hospitality, and EPC contracting.

• It is currently undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code, (IBC) 2016.

Acquisition of Akzo Nobel by JSW Paints :

Approval: The CCI approved the proposal of (Acquirer) JSW Paints Private Limited to acquire up to 75% shareholding in (Target) Akzo Nobel India Limited (ANIL) through a Shared Purchase Agreement(SPA) and mandatory open offer.

Acquisition Details: JSW Paints announced in June 2025 its plan to acquire 74.76% stake in Akzo Nobel India for Rs.8,986 crore, followed by an open offer for 25% additional shares worth Rs.3,929.06 crore, totaling over Rs.12,915 crore.

Scope: The deal grants JSW Paints control over Akzo Nobel India’s liquid paints & coatings business, while excluding the powder coatings segment and the International Research Center.

Impacts: The acquisition strengthens JSW Paints’ market presence, positioning it as the 4th largest player in India’s decorative paints industry.

Entities:  JSW Paints Limited, a subsidiary of the JSW Group, is a public unlisted company, and Akzo Nobel India Limited, a subsidiary of the Akzo Nobel Group, is a public listed company.

About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003