JSW Paints to Acquire Majority Stake in Akzo Nobel India

02 Jul 2025 CW Team

The deal is contingent on approval from the Competition Commission of India and the successful completion of a mandatory open offer to ANIL’s public shareholders.

Part of the US$ 23 billion JSW Group, JSW Paints is among the fastest-growing players in India's paint industry. ANIL, a key player in decorative and industrial paints, brings brands like Dulux, International and Sikkens under its portfolio and operates as part of Akzo Nobel, a global leader headquartered in the Netherlands.

This acquisition strengthens JSW Paints’ position in a sector expected to witness robust growth.

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.”

The total consideration includes a potential contingent payout of up to Rs 4.47 billion.

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 exclusive financial advisor to JSW Paints. Khaitan & Co. was the legal advisor and Deloitte provided financial and tax due diligence support.

JSW Paints has signed definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. The proposed transaction is valued at up to Rs 89.86 billion, subject to closing adjustments. The deal is contingent on approval from the Competition Commission of India and the successful completion of a mandatory open offer to ANIL’s public shareholders. Part of the US$ 23 billion JSW Group, JSW Paints is among the fastest-growing players in India's paint industry. ANIL, a key player in decorative and industrial paints, brings brands like Dulux, International and Sikkens under its portfolio and operates as part of Akzo Nobel, a global leader headquartered in the Netherlands. This acquisition strengthens JSW Paints’ position in a sector expected to witness robust growth. 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.” The total consideration includes a potential contingent payout of up to Rs 4.47 billion. 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 exclusive financial advisor to JSW Paints. Khaitan & Co. was the legal advisor and Deloitte provided financial and tax due diligence support.

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