JSW Paints has completed its acquisition of a 60.76% stake in Akzo Nobel India from Akzo Nobel N.V. and its affiliates. 

Along with the 0.44% already picked up from public shareholders through an open offer, JSW Paints now holds 61.2% of the company.

In June 2025, to scale its presence in India’s paints market, JSW Paints had signed definitive agreements to acquire up to a 74.76% stake in Akzo Nobel India.

Morgan Stanley had acted as the exclusive financial advisor to JSW Paints at the start of this transaction. Khaitan & Co. acted as the legal advisor and Deloitte acted as the financial and tax due diligence advisor.

The move strengthens the position of JSW Paints, one of India’s fastest-growing paint makers and part of the USD 23 billion JSW Group with interests spanning steel, cement, energy, infrastructure, automotive and paints. 

Akzo Nobel India, a key player in both decorative and industrial paints, was part of the Netherlands-based Akzo Nobel, a global leader in coatings.

With this acquisition, JSW Paints steps into the league of major sector players at a time when India’s paints market is expected to experience strong growth.

Sajjan Jindal, chairman, 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 here to build a stronger, brighter and more colourful future for our customers and for India.”

Parth Jindal, managing director, JSW Paints, added, “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire 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 lasting value for our stakeholders.”