The Sajjan Jindal Family Trust has sold a 2% stake in JSW Infrastructure Ltd, India’s second-largest commercial port operator, for ₹1,210 crore to institutional investors, including the Singapore government, to finance the potential takeover of AkzoNobel India. The trust divested 0.88% of its JSW Infra shares worth ₹531 crore to the Singaporean government via block deals on Thursday.
As per NSE records, the Singaporean government’s investment arm bought about 18.4 million shares from promoters at ₹288 per share. Sources indicate the stake sale serves dual purposes: meeting India’s minimum public shareholding requirements while potentially funding JSW Group’s proposed takeover of AkzoNobel India from its Dutch parent company. This acquisition signals JSW’s growing ambitions in the paints industry, with the Akzo Nobel India purchase designed to strengthen its position in a hotly contested consumer segment, giving JSW access to a robust nationwide distribution network and the well-recognised Dulux brand, bolstering its presence in a sector recently disrupted by the entry of the Aditya Birla Group.
Bankers indicate that Parth Jindal, a member of the prominent Jindal family, is spearheading negotiations with Akzo Nobel NV, and a formal announcement is likely soon. AkzoNobel NV holds a 75 per cent stake in its Indian subsidiary. JSW Infrastructure’s stock price settled at ₹288.25 on the BSE as of May 16, reflecting a market capitalization of around ₹60,533 crore.
As of March 31, the Sajjan Jindal Family Trust owned an 80.72% stake in JSW Infrastructure, with the total promoter shareholding amounting to 85.62%.
Under the Securities and Exchange Board of India (Sebi) regulations, listed companies must maintain at least 25 per cent public float. JSW Infra, which went public in October 2023, has until September 2026 to bring promoter holdings below the 75 per cent threshold.
According to a recent disclosure, JSW Infra’s promoters, represented by Sajjan Jindal and Sangita Jindal, are looking to offload up to 2% of their holdings in the company through open market sales between May 13, 2025, and March 31, 2026.