JSW Paints, one of India’s biggest companies in the paint industry, has announced that it will be buying a majority stake in Akzo Nobel India Limited (ANIL). The company will acquire 74.76% of Akzo Nobel India from its global parent company, Akzo Nobel N.V. The proposed transaction is valued at ₹9,403 crores or $1.09 billion. However, this amount is subject to closing adjustments. The deal is contingent on the approval of the Competition Commission of India.
JSW Paints, a subsidiary of its bigger parent company, JSW Group, is one of India’s biggest and fastest-growing companies in the paint industry. Now, ANIL, which is a key player in decorative and industrial paints, has brands like Dulux, International and Sikkens under its belt, will be added to the portfolio of JSW Paints, making the latter a force to be reckoned with in the Indian paint industry.
Parth Jindal, the managing director of JSW Paints, shared his views on the matter and said that paints and coatings is one of India’s fastest-growing sectors. JSW has made strides in the industry and is among the fastest-growing within the ecosystem. He said he is excited to have Akzo Nobel India as a part of JSW Paints, as the company is home to some of the most globally recognised brands in the world, like Dulux. Parth said that this deal is a promise to their customers and stakeholders about the future of the company.
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Moreover, the CEO of Akzo Nobel, Greg Poux-Gillaume, said, “This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.”
