Earlier, one of the persons said, Aditya Birla Group flagship Grasim Industries Ltd and Adani Group were approached for the deal, since some of their subsidiaries are engaged in construction and real estate that requires paints and coatings.
"The discussions with the two groups (Aditya Birla group and Adani Group) remained inconclusive. Now, the names at the top of the list of bidders have changed, with valuations being negotiated at $2.1-2.5 billion," one of the two people cited above said on the condition of anonymity.
Akzo Nobel NV, Europe's largest paint maker, has hired Citigroup to sell its 74.6% stake in the Indian unit.
A third person said that both Indigo and JSW are in talks with PE investors including Warburg Pincus, TPG, Carlyle, and CVC to make a bid. Queries emailed to Akzo Nobel, Citigroup, Pidilite, JSW Paints and Indigo Paints, as well as the four private equity firms remained unanswered.
"There is considerable interest in the decorative business of Akzo Nobel. A large part-almost two-thirds of the current value-comes from the decorative business," the second person added.
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