JSW Paints Completes Acquisition of 61.2% Stake in Akzo Nobel India

JSW Paints has advanced its expansion strategy by acquiring a majority stake in Akzo Nobel India Limited. The company bought 60.76% from Akzo Nobel N.V. and its affiliates, adding to the 0.44% it recently acquired from public shareholders through an open offer.

With this deal, JSW Paints now owns 61.2% of Akzo Nobel India, marking a significant consolidation in the country’s paints and coatings sector.

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JSW Paints is part of the Rs 23,000 crore JSW Group, which operates in steel, cement, energy, infrastructure, automotive, and consumer sectors. The acquisition adds Akzo Nobel India, a leading decorative and industrial paints company, to JSW’s portfolio. Akzo Nobel India was previously part of Akzo Nobel, a Netherlands-based global coatings firm with a strong presence across multiple categories.

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 here to build a stronger, brighter and more colorful future for our customers and for India.”

Parth Jindal, Managing Director of JSW Paints said, “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.”

Greg Poux-Guillaume, CEO of AkzoNobel added, “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.”

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The acquisition highlights broader consolidation trends in India’s decorative and industrial paints sector as established companies expand portfolios and strengthen distribution to meet growing consumer demand. With Dulux and other popular brands now in its portfolio, JSW Paints gains wider access to customers across retail and institutional channels.

Morgan Stanley was the exclusive financial advisor to JSW Paints, Khaitan & Co served as legal advisor, and Deloitte provided financial and tax due diligence support.

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