Another ‘Big Deal’: Inside JSW’s Massive Acquisition Of Akzo Nobel

In a decisive move to expand its footprint in India's booming paints industry, JSW Paints Ltd has signed definitive agreements to acquire up to 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 Rs 8,986 crore, subject to customary closing adjustments.

JSW Paints revealed that this strategic acquisition is contingent on regulatory clearances, including the approval of the Competition Commission of India (CCI), and will trigger a mandatory open offer to ANIL’s public shareholders under Indian takeover norms.

“India’s paints and coatings segment is on a strong growth trajectory, and JSW Paints is poised to scale new heights,” said Parth Jindal, Managing Director of JSW Paints. “Akzo Nobel India brings with it iconic global brands like Dulux, International and Sikkens. We’re delighted to welcome these into the JSW family and envision building the next-generation paint company by combining their brand legacy with our innovation and reach.

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The transaction is expected to be transformative for JSW Paints, strengthening its presence across both B2C and B2B segments. It also marks one of the largest deals in India’s paints and coatings sector in recent years.

Morgan Stanley acted as exclusive financial advisor to JSW Paints, with Khaitan & Co. serving as legal counsel and Deloitte advising on financial and tax due diligence.

JSW Paints, launched in 2019 and part of the diversified $23 billion JSW Group, has swiftly established itself as one of the fastest-growing players in the paints sector. The acquisition of ANIL — a prominent name in both decorative and industrial coatings — is expected to significantly elevate JSW Paints’ market position.

Founded in the Netherlands, Akzo Nobel is a globally recognized leader in the paints and coatings industry. The company claims that its Indian arm has long enjoyed a reputation for quality and brand equity.

Commenting on the sale, AkzoNobel CEO Greg Poux-Guillaume noted, “This transaction marks a pivotal step in the execution of our strategic priorities. Akzo Nobel India has consistently delivered strong performance, and we’re confident that under JSW’s stewardship, the business will continue to thrive with strong local leadership and ambition.”