JSW Paints has signed indicative agreements to acquire up to a 74.76 percent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. The potential transaction is valued at up to INR 89.86 billion, subject to closing adjustments. An additional contingent consideration of up to INR 447 crore may also be payable.
The proposed acquisition is contingent on regulatory approvals from the Competition Commission of India and the successful completion of a mandatory open offer to public shareholders of ANIL, as required under SEBI’s Takeover Code.
Akzo Nobel India operates brands including Dulux, International, and Sikkens, which are part of Akzo Nobel’s global paints and coatings portfolio.
In a statement, JSW Paints said the acquisition would expand its presence in India’s decorative and industrial paints segments. The company is part of the USD 23 billion JSW Group, which has interests across steel, energy, cement, infrastructure, and paints.
Parth Jindal, Managing Director of JSW Paints, said the deal aligns with the company’s vision of becoming a key player in the sector, and that it looks forward to working with Akzo Nobel India’s team, customers, and partners.
