JSW Paints has signed an agreement to acquire a 74.7% stake in Akzo Nobel India Ltd for ₹8,986 crore. This marks the biggest acquisition ever made by the Jindal Group and is set to reshape the Indian paints industry.
With this deal, JSW Paints will gain complete control of Akzo Nobel India, the company known for its Dulux brand, and become the fourth-largest player in India’s decorative paints segment.
The transaction includes the purchase of shares held by Akzo Nobel’s two promoter companies—Imperial Chemical Industries Ltd (50.46%) and Akzo Nobel Coatings International B.V. (24.30%). As per SEBI regulations, JSW Paints will also make an open offer to buy an additional 26% stake.
JSW Paints was advised by Morgan Stanley, with legal guidance from Khaitan & Co., while Deloitte managed financial and tax due diligence.
Led by Parth Jindal, JSW Paints has found it challenging to break into the top three since launching six years ago. While new entrant Birla Opus has already captured about 7% of the market since its February 2024 launch, JSW Paints has maintained a low profile in the decorative segment.
That is set to change with this acquisition.
Akzo Nobel India is known for its premium Dulux products and strong presence in urban areas. The deal gives JSW Paints access to established brand value, market reach, and production capacity to compete with companies like Berger Paints and Kansai Nerolac. It also makes JSW the second-largest player in industrial paints, just behind Kansai Nerolac.
“This is an exciting opportunity to build the paint company of the future,” said Parth Jindal, Managing Director of JSW Paints. “We’re thrilled to welcome the Akzo Nobel India team into the JSW family.”
Greg Poux-Guillaume, CEO of AkzoNobel, said, “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.”
This move comes at a time when India’s paint industry is facing its toughest year in decades, with overall demand shrinking by 4–5% due to inflation, slow real estate growth, and high raw material costs.
Despite a challenging market, JSW Paints turned operationally profitable for the first time in FY24, and this deal is expected to strengthen its position in the competitive market.
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