Jindal Family Sells ₹1,210 Cr Stake in JSW Infra to Fund AkzoNobel India Bid

The Sajjan Jindal Family Trust disposed of a 2% holding in JSW Infrastructure Ltd for ₹1,210 crore in block deals with institutional players like the Government of Singapore. This is part of a larger scheme to finance JSW Group’s possible takeover of AkzoNobel India and satisfy the regulatory requirements of public shareholding.

Of the total divestment, 0.88% around 18.4 million shares, were picked up by Singapore’s sovereign wealth arm at ₹288 per share, totaling ₹531 crore, according to National Stock Exchange (NSE) data.

The stake sale comes as JSW Group, led by Parth Jindal, negotiates to acquire AkzoNobel’s Indian subsidiary from its Dutch parent, Akzo Nobel NV, which holds a 75% stake in the unit. An official announcement is expected soon, said sources familiar with the matter.

If successful, the acquisition will mark JSW’s aggressive foray into India’s paints and coatings market, where competition has intensified following the recent entry of the Aditya Birla Group. The deal would give JSW access to AkzoNobel’s established distribution network and the popular Dulux brand, strengthening its consumer-facing portfolio.

JSW Infrastructure, India’s second-largest commercial port operator, closed at ₹288.25 per share on the BSE on May 16, valuing the company at ₹60,533 crore. Akzo Nobel India shares ended the day 3.3% higher at ₹3,597.

As of March 31, the Sajjan Jindal Family Trust held 80.72% of JSW Infra, while total promoter holding stood at 85.62%. Under SEBI rules, listed companies must maintain a minimum 25% public shareholding. JSW Infra, which was listed in October 2023, has until September 2026 to reduce promoter stake below 75%.

In a recent filing, the promoter group, represented by Sajjan and Sangita Jindal, announced plans to offload up to 2% through open market sales between May 13, 2025, and March 31, 2026.