Mumbai | JSW Paints Ltd, a subsidiary of the US$23 billion JSW Group, has signed definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Ltd (ANIL) from Akzo Nobel N.V. and its affiliates. The deal is valued at a maximum consideration of ₹8,986 crore, subject to closing adjustments.

The strategic acquisition marks a transformative moment for the Indian paints sector, with JSW Paints poised to become a significant player. The transaction is subject to regulatory approvals, including from the Competition Commission of India, and the successful completion of an Open Offer to ANIL’s public shareholders.

ANIL, the Indian arm of the Netherlands-based Akzo Nobel, is known for iconic brands like Dulux, International, and Sikkens, serving both decorative and industrial paint segments.

Parth Jindal, Managing Director of JSW Paints, commented:

"Akzo Nobel India is home to some of the world’s most renowned paint brands. With the Magic of Dulux and the Thoughtfulness of JSW Paints, we aim to build the paint company of the future and deliver lasting value to all stakeholders."

Greg Poux-Guillaume, CEO of AkzoNobel, added:

“We are proud of the strong performance of Akzo Nobel India. With JSW’s local expertise and vision, we are confident in the long-term success of the business.”