New Delhi: JSW Paints Limited (“JSW Paints”) has successfully acquired a 60.76% majority stake in Akzo Nobel India Limited (“ANIL”) from Akzo Nobel N.V. and its affiliates. Including a 0.44% stake previously acquired from public shareholders via an open offer, JSW Paints’ total holding in ANIL now stands at 61.2%.
JSW Paints, part of the US$ 23 billion JSW Group, is India’s fastest-growing paints company, operating across diverse B2B and B2C sectors including steel, cement, energy, infrastructure, automotive, and paints. ANIL, a leading decorative and industrial paints company, was formerly part of Akzo Nobel, a global leader headquartered in the Netherlands.
This transaction positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead.
Welcoming the acquisition, Sajjan Jindal, Chairman, JSW Group, said, “I am happy to welcome the AkzoNobel India team to the JSW Family. We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”
Parth Jindal, Managing Director of JSW Paints, added, “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. Together, along with the Akzo Nobel India family – employees, customers and partners – we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
Greg Poux-Guillaume, CEO of AkzoNobel, commented, “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market.”
Morgan Stanley served as the exclusive financial advisor to JSW Paints, Khaitan & Co. acted as legal advisor, and Deloitte provided financial and tax due diligence advisory for the transaction.
