Mumbai: In a major consolidation move in the Indian paints and coatings industry, JSW Paints, a part of the ₹1.9 lakh crore (US$23 billion) JSW Group, has signed 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 ₹8,986 crore, subject to closing adjustments.
The proposed transaction is subject to regulatory approval from the Competition Commission of India (CCI) and the successful completion of a mandatory open offer to the public shareholders of ANIL under SEBI regulations.
This acquisition marks a transformational step for JSW Paints, positioning it among the top players in India’s ₹62,000 crore paints sector, which is expected to grow at a CAGR of 10% over the next five years.
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ANIL, a key player in decorative and industrial coatings in India and the maker of iconic brands like Dulux, Sikkens, and International, brings a legacy of performance and global brand recognition that complements JSW Paints’ innovation-led growth journey.
Parth Jindal, Managing Director, JSW Paints, stated: “Paints & Coatings is one of India’s fastest-growing sectors, and we are thrilled to welcome the iconic Akzo Nobel India to the JSW family. With globally loved brands and deep customer trust, this acquisition offers an exciting opportunity to redefine the future of paints in India. We are committed to blending the Magic of Dulux with the Thoughtfulness of JSW Paints to delight customers and deliver lasting stakeholder value.”
Greg Poux-Guillaume, CEO, AkzoNobel, commented: “This transaction is a strategic milestone. We’re proud of the success and talent within Akzo Nobel India, and we are confident that with JSW’s strong local presence and ambitions, the business will reach new heights.”
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JSW Paints has rapidly emerged as India’s fastest-growing paints company with a strong B2C and B2B footprint across decorative and industrial coatings.
The acquisition of Akzo Nobel India gives JSW Paints access to an expansive product portfolio, premium brand equity, and deep market penetration, strengthening its competitive positioning.
Advisory Firms on the JSW Paints – Akzo Nobel India Deal:
- Morgan Stanley acted as the exclusive financial advisor to JSW Paints.
- Khaitan & Co. served as legal advisor.
- Deloitte conducted financial and tax due diligence.
With this move, JSW Paints reinforces its commitment to becoming a pan-India paint leader, focused on innovation, customer-centricity, and sustainability.
