June 27, 2025
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JSW Paints to Acquire Majority Stake in Akzo Nobel India for Rs.8,986 Crore
Mumbai, June 27 — In a major consolidation move within India’s paints and coatings industry, JSW Paints Ltd has signed definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Ltd (ANIL) for a consideration of up to Rs.8,986 crore. The stake is being acquired from Akzo Nobel N.V. and its affiliates, subject to regulatory and procedural approvals.
The transaction, which was announced through a regulatory filing on Thursday, is contingent upon receiving clearance from the Competition Commission of India (CCI) and the successful completion of an open offer to ANIL’s public shareholders, as required under Indian takeover norms.
The deal marks a pivotal strategic shift for JSW Paints, part of the $23-billion JSW Group, as it seeks to rapidly expand its footprint in the paints and coatings space. The acquisition of Akzo Nobel India — home to iconic global brands such as Dulux, International, and Sikkens — is expected to strengthen JSW’s position in both the decorative and industrial coatings segments.
“This is a landmark moment for JSW Paints. Paints and coatings is one of India’s fastest-growing sectors and ANIL brings with it a rich legacy, trusted brands, and deep capabilities,” said Parth Jindal, Managing Director of JSW Paints. “We are excited to welcome the Akzo Nobel India family into the JSW ecosystem. Together, we aspire to create a future-ready paint company that delights customers and adds long-term value for all stakeholders.”
Akzo Nobel India, the local arm of the Netherlands-based AkzoNobel, has been a key player in the Indian paint industry, with a legacy spanning over six decades. The multinational entered into an exclusivity agreement with JSW Paints post-May 15, paving the way for this transaction.
“This transaction is a significant milestone in the execution of our global strategy,” said Greg Poux-Guillaume, CEO of AkzoNobel. “ANIL has been a strong performer in our portfolio, and we are confident that with JSW, the business will continue to thrive under a long-term, India-focused ownership.”
The acquisition is expected to reshape the competitive landscape in India’s Rs.70,000-crore paint industry, currently dominated by a few major players. JSW Paints, one of the newest entrants, has emerged as the fastest-growing firm in the sector and is aiming for a larger national footprint through this transformative deal.
Morgan Stanley acted as the exclusive financial advisor to JSW Paints, while Khaitan & Co. served as legal counsel. Deloitte was the financial and tax diligence advisor. Citi advised AkzoNobel on the transaction.
