JSW Paints Nears Final Deal to Acquire AkzoNobel India Stake, Eyes Dulux Brand Boost

JSW Paints, headed by Parth Jindal, is about to clinch a landmark deal to acquire a majority stake in AkzoNobel India from its Dutch parent AkzoNobel N.V., as per sources. The final agreement is expected soon, possibly by early next week.

AkzoNobel N.V. holds a 74.76% stake in its Indian arm, amounting to ₹10,985 crore as of 25th June. The deal is expected to be worth approximately ₹9,000 crore. The acquisition, once signed, would be JSW Paints’ largest move in India’s decorative paints segment, plugging it into the renowned Dulux brand.

JSW Paints emerged as the clear winner of a hotly contested race by outbidding a consortium of Advent International and Indigo Paints, as well as Pidilite, whose flagship is Fevicol. An exclusivity deal was signed post-May 15.

While officials waiting for final confirmation, three sources with knowledge have indicated that the agreement is almost at the final stage. Citi is the investment bank advising AkzoNobel on the transaction.

Launched in May 2019, JSW Paints has ramped up quickly with manufacturing units coming up in Maharashtra and Karnataka, with a capacity of 1.7 lakh KL per annum. It is already India’s largest industrial coil coatings player.

The acquisition sets JSW Paints on the offensive against the likes of Asian Paints, Berger, and Kansai Nerolac in what is now becoming a more competitive environment with new entrants like Birla Opus, Astral Paints, Haisha Paints, and JK Cements.

Meanwhile, AkzoNobel NV is reviewing its portfolio in South Asia to concentrate on its core businesses. It has asked its Indian unit to explore the sale of its powder coatings and R&D operations and to initiate IP transfers in the decorative segment.

AkzoNobel India posted FY25 revenues of ₹4,091.2 crore (up 3%), flat EBIT at ₹551.8 crore, and a PAT of ₹428.6 crore, maintaining a 13.5% operating margin.