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New Delhi: Sajjan Jindal-led JSW Paints’ Rs 12,915-crore deal to acquire Dutch paint maker Akzo Nobel’s India unit is among the biggest transactions in the country so far this year.

JSW Paints on Friday announced that it will buy a 74.76 percent stake in Dulux paint-maker Akzo Nobel India for Rs 8,986 crore, followed by an open offer to buy another 25 percent from open market for up to Rs 3,929.06 crore, totaling a tad over Rs 12,915 crore.

It is slightly behind Japan’s Sumitomo Mitsui Banking Corp.’s acquisition of a 20 percent stake in Yes Bank for Rs 13,483 crore announced last month.

State Bank of India (SBI) along with seven other lenders — Axis Bank, Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank and Kotak Mahindra Bank — agreed to sell their combined stakes aggregating 20 percent in Yes Bank to Sumitomo Mitsui.

The Sumitomo-Yes Bank deal was the largest cross-border investment in the Indian banking sector.

Yet, the biggest so far this year is Bajaj Group’s deal to acquire long-time partner Allianz’ 26 percent stake in Bajaj Allianz Life and General Insurance for a total of Rs 24,180 crore, announced in March.

Under their share purchase agreements, Bajaj Finserv agreed to acquire a 26 percent stake owned by Allianz SE of Germany in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company for Rs 13,780 crore and Rs 10,400 crore, respectively.

The second biggest transaction this year is ONGC-NTPC Green’s deal to acquire Ayana Renewable Power for an enterprise value of Rs 19,500 crore (USD 2.3 billion), announced in February.

ONGC-NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green Ltd and NTPC Green Energy Ltd, signed a share purchase agreement to acquire a 100 per cent stake in Ayana Renewable Power.

Singapore-headquartered global investment firm Temasek’s 10 percent stake acquisition in Haldiram’s for a reported USD 1 billion is also among the top deals of 2025 so far.

JSW Paints’ acquisition of Akzo Nobel India will help JSW group expand its play in the paint segment, which it entered in 2019. It will make the company the fourth largest paints maker after Asian Paint, Berger and Kansai Nerolac.

In last 5-6 years, several new players have entered the market, including Pidilite with Haisha Paints, Grasim with its Birla Opus.

Besides, pipes and fittings manufacturer Astral acquired Gem Paints, and JK Cements entered the paints sector by acquiring Acro Paints.