JSW Paints Limited has officially concluded its acquisition of a 60.76% majority stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. With an additional 0.44% stake secured earlier through an open offer, JSW Paints now holds a total of 61.2% in ANIL.
Part of the US$23 billion JSW Group, JSW Paints is among India’s fastest-growing players in the coatings industry, operating across B2B and B2C segments such as infrastructure, energy, automotive, steel, cement, and decorative paints. ANIL, a leading name in both decorative and industrial coatings, was previously owned by Netherlands-based Akzo Nobel, one of the world’s largest paints and coatings companies.
The acquisition significantly expands JSW Paints’ footprint, positioning it as a key contender in a sector poised for strong growth in the coming years.
Sajjan Jindal, Chairman, JSW Group, said, “We are delighted to welcome the Akzo Nobel India team to the JSW family. India deserves world-class, trusted paints and coatings, and with Dulux joining our portfolio, we now have the opportunity to deliver global quality to homes and industries nationwide. Together, we look forward to building a brighter, more colourful future for our customers and the country.”
Parth Jindal, Managing Director, JSW Paints, added, “This marks a landmark moment for India’s paints and coatings industry-one of its largest acquisitions to date. By combining the Magic of Dulux with the Thoughtfulness of JSW Paints, we aim to shape the paint company of the future and create long-term value for all stakeholders.”
Greg Poux-Guillaume, CEO, AkzoNobel, noted, “This transition strengthens our strategic focus globally. We thank our India team for their invaluable contributions and are pleased to see the business move to JSW, a strong partner in one of the world’s fastest-growing coatings markets.”
Morgan Stanley advised JSW Paints exclusively on the deal, with Khaitan & Co. as legal counsel and Deloitte leading financial and tax due diligence.
