Paint and coatings maker AkzoNobel has got fair trade regulator CCI’s approval to acquire industrial coatings business of BASF SE.
In February this year, AkzoNobel had made an agreed offer to acquire BASF’s Industrial Coatings business for 475 million euros.
Both the companies have presence in the country through AkzoNobel India and BASF India.
Competition Commission of India (CCI), which keeps a tab on unfair business practices has approved the proposed acquisition, as per the regulator’s website.
AkzoNobel is a global player in the areas of paints, performance coatings and specialty chemicals.
BASF SE is a chemical company headquartered in Germany and its activities range from chemicals to crude oil and natural gas, including specialty chemicals, plastics, among others.
As per the information submitted to the watchdog, the relevant product market is development, production, sale and distribution of protective coatings and coil coatings.
The relevant geographic market is submitted to be “the territory of India”.