Japanese materials maker Aica Kogyo Co. is set to acquire up to a 53.12% stake in Indian laminates firm Stylam Industries Ltd for up to ₹2,030 crore. This deal, involving the sale of shares by Stylam's promoters in two tranches, highlights a significant year for Japanese inbound M&A in India as companies diversify investments away from China. Aica Kogyo will fund the acquisition through cash reserves, borrowings, or a combination.