Mumbai: JSW Paints has announced the successful completion of its acquisition of a 60.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates.
Earlier, JSW Paints had purchased an additional 0.44% stake through an open offer, raising its total shareholding in ANIL to 61.2%.
JSW Paints, a part of the US$ 23 billion JSW Group, has expanded its presence in the decorative and industrial coatings industry through this acquisition.
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JSW Paints Strengthens Market Position with ANIL Acquisition
ANIL, formerly part of Akzo Nobel – a Netherlands-headquartered global leader in paints and coatings – is a key player in India’s paint market.
The acquisition is expected to significantly enhance JSW Paints’ scale and influence within the sector, which is projected to witness strong growth in the coming years.
JSW Group Chairman Sajjan Jindal said the company is pleased to welcome the Akzo Nobel India team into the JSW family. He added that the company aims to deliver trusted and world-class paint and coating solutions.
Highlighting the Dulux brand’s legacy, he noted the opportunity to provide global-quality offerings to Indian consumers and industries.
Managing Director Parth Jindal described the acquisition as one of the largest in India’s paints and coatings industry. He said the combined strengths of Dulux and JSW Paints will help create a “paint company of the future” focused on value creation and customer satisfaction.
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AkzoNobel Confirms Strategic Realignment
AkzoNobel CEO Greg Poux-Guillaume said the exit from ANIL aligns with the company’s long-term strategic focus. He expressed appreciation for the contributions of the India team and confidence in JSW Paints as a strong partner in the rapidly expanding Indian coatings market.
Advisors to the Transaction
Morgan Stanley acted as exclusive financial advisor to JSW Paints. Khaitan & Co. served as the legal advisor, while Deloitte handled financial and tax due diligence for the transaction.
