JSW Paints, a part of the $23 billion JSW Group, has acquired 60.76% stake in Akzo Nobel India (ANIL) from Akzo Nobel N.V. and its affiliates.
This follows the company’s earlier purchase of 0.44% from public shareholders through a completed open offer, bringing its total holding to 61.2%.
In June, JSW Paints entered into definitive agreements to acquire up to 74.76% stake in Akzo Nobel India from Akzo Nobel N.V. and affiliates, for a maximum consideration under the share purchase agreement of up to ₹8,986 crore, subject to certain closing adjustments.
ANIL, long associated with the global Akzo Nobel brand headquartered in the Netherlands, is a key player in both decorative and industrial coatings and carries marquee brands such as Dulux.
The acquisition consolidates JSW Paints’ ambitions to emerge as a dominant, future-ready player, blending ANIL’s brand equity with its own innovation-led growth strategy.
Sajjan Jindal, Chairman of JSW Group, said, “I am happy to welcome the AkzoNobel India team to the JSW Family. We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity to build a stronger, brighter and more colorful future for our customers and for India.”
Parth Jindal, Managing Director of JSW Paints, said, “This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. With the Magic of Dulux and the Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
Greg Poux-Guillaume, CEO, AkzoNobel, said, “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market.”
