Mumbai: In a major development in India’s paints and coatings sector, JSW Paints Limited, part of the US$ 23 billion JSW Group, has entered into definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. The deal is valued at a maximum consideration of INR 8,986 crores, subject to closing adjustments.
The proposed transaction is contingent on regulatory approvals, including from the Competition Commission of India, and the successful completion of a mandatory open offer to ANIL’s public shareholders.
The acquisition is a transformative move that positions JSW Paints among the top players in the Indian paints industry—both in the decorative and industrial coatings segments—an industry poised for robust growth over the coming decade.
Parth Jindal, Managing Director, JSW Paints, said, “Paints & Coatings is one of India’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. 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, added, “This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.”
Morgan Stanley acted as the exclusive financial advisor to JSW Paints on the transaction. Khaitan & Co. served as the legal advisor, while Deloitte provided financial and tax due diligence support.
Launched in 2019, JSW Paints is one of India’s fastest growing paints companies, offering a wide range of decorative and industrial coatings. With a strong focus on innovation, customer-centric branding, and a rapidly expanding pan-India presence, the company is committed to reshaping the future of the Indian paints industry.
