crores in its first year itself and as per its own internal estimates, became India’s no. 3 decorative paint brand within just six (06) months of nationwide operations. By its own admission, the Informant has also been able to achieve a high single digit market revenue share in the decorative paints segment in the fourth quarter of Financial Year 2025 and also has the 2nd largest depot network in the industry. It has also been submitted by the OP that as per an Equity Research Report by Jefferies (May 2025), the Informant has established a network of approximately 50,000 dealers and an equal number of colour tinting machines, surpassing the reach of many long-established players. The OP has further submitted that leveraging its existing cement business, the Informant can access over 2,00,000 dealers nationwide, facilitating rapid expansion in its paint segment. Such rapid and substantial growth of the Informant demonstrates absence of any significant entry barriers or anti-competitive conduct by existing players, including the OP. Reference has also been made by the OP to the Commission’s earlier inquiry in the matter of JSW Paints Pvt. Ltd. and Another v. Asian Paints Ltd. (Case Nos. 36 of 2019 and 17 of 2021).
