JSW Paints makes a bold move to become one of India’s top three decorative and industrial paints players through a transformative acquisition of Akzo Nobel India.
In a landmark deal that reshapes the Indian paints and coatings industry, JSW Paints has signed definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Ltd (ANIL) from its Dutch parent Akzo Nobel N.V. and its affiliates. The transaction, pegged at a maximum consideration of ₹8,986 crore, marks one of the largest buyouts in the sector and positions JSW Paints to emerge as a formidable player in both decorative and industrial coatings segments.
This strategic acquisition includes globally renowned brands such as Dulux, Sikkens, and International, and reflects JSW Paints’ aggressive growth ambitions. The deal is subject to regulatory approvals, including that of the Competition Commission of India (CCI), and includes a mandatory open offer to acquire up to 25% additional stake from public shareholders, potentially taking the total transaction value to over ₹12,900 crore.
Founded in 2019, JSW Paints is one of India’s fastest-growing paint companies, backed by the $23 billion JSW Group. The acquisition will fast-track its scale, taking its current revenue of ₹2,000 crore towards a targeted ₹10,000 crore in the coming years. The company, which turned operationally profitable in 2024, now aims to become India’s third-largest decorative paint player and a leader in industrial coatings.
Parth Jindal, Managing Director of JSW Paints, remarked, “This acquisition is more than just a growth lever; it’s about shaping the future of the industry. With the Magic of Dulux and the Thoughtfulness of JSW Paints, we aim to build a future-ready paint company rooted in innovation and customer delight.”
From the Akzo Nobel side, CEO Greg Poux-Guillaume underscored the confidence placed in the JSW Group, citing the Indian firm’s local expertise, ethical foundation, and execution track record as key factors behind the decision. “We had options, but JSW was the right home for our people and our legacy,” he stated. While Akzo Nobel exits the liquid paints segment in India, it will retain its powder coatings business and R&D centre, and will remain a technology partner to JSW Paints.
Market analysts view the deal as a turning point in India’s ₹72,000 crore paints market, currently dominated by a few players. With JSW Paints’ deep penetration in Tier 2–Tier 4 cities and Akzo Nobel India’s stronghold in metros, the combined entity is set to offer enhanced market reach and distribution strength.
Financing the acquisition will be a mix of internal accruals, debt, and private equity. Morgan Stanley acted as financial advisor, while Khaitan & Co and Deloitte provided legal and due diligence services, respectively.
With this bold acquisition, JSW Paints not only asserts its ambition but also sets a precedent in India’s fast-evolving consumer and industrial coatings landscape—where global legacy meets local momentum.
