Acquisition subject to regulatory clearances, including Competition Commission of India (CCI) nod and a public open offer.
JSW Paints has signed definitive agreements to acquire up to a 74.76% stake in Akzo Nobel India Ltd (ANIL) from its Dutch parent, Akzo Nobel N.V., and affiliated entities. The deal is valued at up to Rs. 8,986.1 crore, subject to closing adjustments.
The acquisition remains conditional on regulatory approvals, including clearance from the Competition Commission of India (CCI), and the completion of a mandatory open offer to ANIL’s public shareholders.
This marks a strategic expansion for JSW Paints, part of the $23 billion JSW Group, and is expected to significantly enhance its capabilities in both the decorative and industrial paints segments-putting it in closer competition with top-tier industry leaders.
Akzo Nobel India, a subsidiary of Netherlands-based Akzo Nobel, has long been a strong player in India’s decorative and industrial coatings markets.
The Indian paints market is projected to grow steadily, driven by strong demand from housing, infrastructure, and manufacturing. If completed, this acquisition would firmly position JSW Paints as a major industry contender.
Parth Jindal, Managing Director, JSW Paints, stated:
“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 like Dulux, International, and Sikkens. We are excited to welcome them to the JSW family. Together, with Akzo Nobel India’s employees, customers and partners, we aim to build the paint company of the future. With the Magic of Dulux and the Thoughtfulness of JSW Paints, we look forward to delighting customers and building long-term value for stakeholders.”
Greg Poux-Guillaume, CEO, AkzoNobel, commented:
“This transaction is a significant milestone in executing our strategy. Akzo Nobel India has consistently performed well, and we are proud of the talent and brand it has nurtured. We are confident that with JSW, the business will thrive under a long-term partner with strong local insights and ambitious sectoral goals.”
On the transaction:
- Morgan Stanley served as the exclusive financial advisor to JSW Paints.
- Khaitan & Co. acted as legal advisor.
- Deloitte conducted financial and tax due diligence.
