JSW Paints Signs Definite Agreements to Acquire Akzo Nobel India 

Mumbai, June 27, 2025: JSW Paints Limited entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates for a maximum consideration under the share purchase agreement of up to INR 8,986 crore, subject to certain closing adjustments, on Friday.
 
The proposed transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (open offer) to the public shareholders of ANIL.
 
JSW Paints, the country’s fastest growing paint company and a part of the $23 billion JSW Group, is a leading conglomerate with diverse interests across a range of B2B and B2C sectors including steel, cement, energy infrastructure, automotives and paints. ANIL is one of the leading decorative and industrial paint players and part of Akzo Nobel, a global leader in decorative paints and industrial coatings headquartered in the Netherlands.
 
This transformative acquisition positions JSW Paints as one of the major players in the sector, which is expected to see robust growth in the years ahead.

“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,” said Parth Jindal, MD, JSW Paints.

Greg Poux-Guillaume, CEO, Akzo Nobel, said, “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.”
 
Morgan Stanley acted as the exclusive financial adviser to JSW Paints in this transaction. Khaitan & Co. was the legal adviser and Deloitte the financial and tax due diligence advisor.