JSW Paints will acquire up to 74.76 per cent of Akzo Nobel India for a maximum consideration of ₹89.86 billion, subject to closing adjustments.
JSW Paints—the paints arm of the ₹23 trillion JSW Group—has entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India from Akzo Nobel and its affiliates. The acquisition will be made for a maximum consideration of ₹89.86 billion under the share purchase agreement, subject to closing adjustments.
In addition to this amount, certain contingent considerations totalling up to ₹4.47 billion may become payable, the company said in a media statement.
The proposed transaction is subject to approvals from the Competition Commission of India and the completion of a mandatory open offer to Akzo Nobel India’s public shareholders.
Parth Jindal, Managing Director, JSW Paints, commented, “Akzo Nobel India is home to some of the most globally renowned brands of paints and coatings like Dulux, International, and Sikkens. We are excited to welcome them to the JSW family. Together, along with Akzo Nobel India’s employees, customers and partners, we aspire to build the paint company of the future.”
Greg Poux-Guillaume, CEO of AkzoNobel, added, “This transaction marks 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, the business is in the hands of a long-term partner with deep local expertise and strong ambitions.”
This acquisition positions JSW Paints among the key players in a sector poised for robust growth in the years ahead.
Beyond paints, the JSW Group has diversified interests across steel, cement, energy, infrastructure, and automotive. Akzo Nobel India, meanwhile, is a leading player in decorative and industrial coatings and part of Akzo Nobel, a Netherlands-based global leader in paints and coatings.