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

The acquisition, valued at up to INR 8,986 crore, will be made from Akzo Nobel N.V. and its affiliates, subject to certain closing conditions.

The deal is contingent on approval from the Competition Commission of India and the successful completion of a mandatory public Open Offer to ANIL’s shareholders.

JSW Paints, part of the USD 23 billion JSW Group, is among India’s fastest-growing paint brands. ANIL, a well-established player in both decorative and industrial paints, is part of the global AkzoNobel group, headquartered in the Netherlands.

The acquisition is a strategic move that significantly strengthens JSW Paints’ presence in the Indian market and positions it as a key contender in the country’s high-growth coatings industry.

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

Parth Jindal, managing director, JSW Paints, said, “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 of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. 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 Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”  

Greg Poux-Guillaume, CEO, AkzoNobel, added, “This transaction is a significant milestone in the execution of our strategy.  AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. 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.”