Synopsis : JSW Paints has signed a deal to acquire a 74.76% stake in AkzoNobel India for Rs 8,986 crore, marking one of India’s biggest paint sector deals. The acquisition positions JSW Paints as a major player in decorative and industrial coatings as AkzoNobel exits India.
JSW Paints, part of the diversified JSW Group, is set to transform the Indian paints landscape by acquiring up to a 74.76% stake in AkzoNobel India, the maker of Dulux paints, for Rs 8,986 crore. The move, subject to regulatory approvals and a mandatory open offer, marks one of the largest deals in the Rs 90,000 crore domestic paints sector and paves the way for the Dutch parent company to fully exit the Indian market.
This acquisition is a strategic leap for JSW Paints, which entered the paints business in 2019 but has struggled to carve a strong presence despite the sector’s rapid growth. With AkzoNobel India’s established market position, premium brands like Dulux, International, and Sikkens, and a diverse portfolio spanning decorative, automotive, marine, protective, and industrial coatings, JSW Paints will gain a significant foothold in both decorative and industrial segments.
AkzoNobel India reported Rs 4,091 crore in revenue from operations in FY25, reflecting its strong position in India’s competitive paints market dominated by Asian Paints, Berger, Kansai Nerolac, and AkzoNobel itself. The Dutch company’s exit is part of its global strategic portfolio review, allowing it to focus capital towards expanding its core coatings business globally while exiting select markets.
The transaction comes after months of speculation and interest from bidders including Advent International and Indigo Paints, and Pidilite Industries. JSW will acquire the stake from the Dutch promoters Imperial Chemical Industries and Akzo Nobel Coatings International BV, ensuring a complete exit for AkzoNobel’s promoter group from the Indian unit.
Parth Jindal, Managing Director of JSW Paints, highlighted the importance of this acquisition, noting that paints and coatings remain one of the fastest-growing sectors in India, and acquiring AkzoNobel India’s strong brands will accelerate JSW’s vision of becoming a leading player in the segment. Meanwhile, AkzoNobel CEO Greg Poux-Guillaume described the transaction as a significant milestone aligned with their global strategy while expressing pride in the India team’s consistent performance.
This deal comes at a time when India’s paints industry is witnessing disruption with the entry of new players like Aditya Birla Group, Pidilite with Haisha Paints, Grasim with Birla Opus, Astral’s acquisition of Gem Paints, and JK Cement’s entry via Acro Paints. As per the Indian Paints Association, the Indian paints and coatings industry is valued at $8.5 billion and 6.3 million tonnes by volume, presenting vast growth opportunities amid rising competition.
JSW Paints’ acquisition of AkzoNobel India positions it strategically to capture a larger market share, expand into newer categories, and leverage AkzoNobel’s established distribution and brand strength to fast-track growth in a competitive market poised for consolidation and innovation.
Disclaimer : This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before making any investment decisions.
