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JSW Paints will become the fourth-largest paint player in India post-acquisition. | Photo Credit: Phil Noble
Billionaire Sajjan Jindal-led JSW Paints will pick up a 75 per cent stake in Dutch paint maker AkzoNobel NV’s India arm (Akzo Nobel India) with net cash proceeds of nearly ₹9000 crore.
Akzo Nobel NV has valued the transaction at €1.4 billion (over ₹12,000 crore).
The transaction represents an EV/EBITDA multiple of 22x and includes AkzoNobel’s liquid paints and coatings business in India under the Dulux brand.
The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership, the company said in a regulatory filing.
Akzo will retain a small stake in the entity.
The announcement of the acquisition will trigger an open offer for a 26% stake to be purchased from the company’s minority shareholders.
businessline has previously reported that the deal was expected to be finalised in the next few days, with valuations in the ₹9,000-12,000 crore range.
The net cash proceeds are expected to be approximately €900 million (nearly ₹9,000 crore), of which around €500 million (₹5,000 crore) will be used for deleveraging.
Following closing, AkzoNobel intends to launch a €400 million share buyback program.
The transaction involves the sale of up to 75% of shares in AkzoNobel India and is subject to customary closing conditions, including regulatory approvals.
The transaction is expected to be completed in the fourth quarter of 2025.
JSW, in a statement, said the paints company will acquire up to 74.76% stake in Akzo Nobel India Limited from Akzo Nobel NV and its affiliates for a maximum consideration under the Share Purchase Agreement of up to ₹8,986 crore, subject to certain closing adjustments.
The proposed transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer to the public shareholders of ANIL.
This divestment is the first step in the strategic portfolio review announced in October 2024, which aims to focus the company’s capital and capabilities on leading positions in key global coatings markets.
According to Greg Poux-Guillaume, CEO of AkzoNobel, this transaction is a significant milestone. “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.”
The acquisition, when completed, propels JSW Paints to become the fourth-largest paint maker in India, a position currently occupied by Akzo. Akzo has a market share of nearly
Parth Jindal, Managing Director of JSW Paints, said, the paints and coatings segment is one of India’s fastest-growing sectors
“Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Silkens.” This indicated that JSW could potentially gain access to more global brands, apart from Dulux.
Published on June 27, 2025
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