JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in Akzo Nobel India—maker of the iconic Dulux brand—in a transaction valued at ₹8,986 crore. This marks one of the largest deals in India’s nearly ₹90,000 crore paints industry and paves the way for Akzo Nobel’s complete exit from the country.
With this acquisition, JSW Paints, which entered the segment in 2019 and has yet to establish significant market share, will instantly become a formidable player in the decorative and industrial coatings space. The transaction is subject to regulatory approvals from the Competition Commission of India and a mandatory open offer to public shareholders.
In an exchange filing on June 27, Akzo Nobel India confirmed that the maximum consideration under the share purchase agreement would be up to ₹8,986 crore, subject to closing adjustments. The deal includes acquiring shares from the Dutch promoter entities Imperial Chemical Industries Ltd. and Akzo Nobel Coatings International BV.
This strategic move comes as Akzo Nobel NV, headquartered in Amsterdam, continues to reshape its global portfolio. Last October, the company announced a strategic review of its South Asia operations, exploring options such as partnerships, joint ventures, mergers, or divestments to focus more sharply on its core coatings business.
The acquisition has been years in the making, with several other bidders—including a consortium of Advent International and Indigo Paints, as well as Pidilite Industries—showing interest.
Upon completion, Akzo Nobel’s promoter group, which held nearly three-quarters of Akzo Nobel India, will exit the domestic market. This exit coincides with a period of heightened competition, as new entrants like Aditya Birla Group and Grasim’s Birla Opus are disrupting the paint landscape long dominated by Asian Paints, Berger Paints, Kansai Nerolac, and Akzo Nobel India itself.
A Strategic Leap for JSW Paints
For JSW, the acquisition accelerates its ambitions to scale up in one of India’s fastest-growing sectors. Parth Jindal, Managing Director of JSW Paints, noted:
“Paints and coatings is one of the fastest-growing sectors in India. Akzo Nobel India is home to some of the most globally renowned brands like Dulux, International, and Sikkens.”
Akzo Nobel CEO Greg Poux-Guillaume described the sale as a significant milestone in the company’s strategy:
“Akzo Nobel India has been a consistently strong performer, and we are proud of the brands and talent that have made it a success.”
A Strong Legacy
Akzo Nobel India operates across a wide spectrum—from decorative paints to automotive, industrial, marine, and powder coatings. In FY25, the company reported revenues of ₹4,091 crore.
Earlier this year, Akzo Nobel announced the transfer of its powder coatings business and its international research centre to its Dutch parent in an intergroup deal worth ₹2,143 crore. Additionally, it sold the intellectual property rights for its decorative paints business across India, Bangladesh, Bhutan, and Nepal for ₹1,152 crore.
A Changing Industry
India’s paint market has become increasingly dynamic over the past five to six years. New entrants include Pidilite (with Haisha Paints), Grasim (Birla Opus), Astral (through its acquisition of Gem Paints), and JK Cement (which entered by acquiring Acro Paints).
According to the Indian Paint Association, the country’s paints and coatings industry is valued at $8.5 billion and accounts for approximately 6.3 million tonnes in annual volume.
With this landmark acquisition, JSW Paints is poised to reshape the competitive landscape and accelerate its vision to become a leading force in India’s vibrant paint sector.
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