Blackstone Makes Offer for Akzo Nobel’s India Unit, Paper Says

Blackstone Inc. has made a non-binding offer to buy Akzo Nobel NV’s India paint business in a transaction that could amount to around $1.2 billion, the Business Standard reported Sunday.

The proposal comes after the US-based asset manager pledged to invest $100 billion in India, the publication added, without saying how it got the information.

AkzoNobel currently owns 74.76% of the Indian unit, according to the report. Besides Blackstone, JSW Group and Pidilite are also expected to make non-binding offers, the Business Standard added.

Blackstone declined to comment to Business Standard, while Akzo Nobel didn’t reply to an email ...