JSW Paints to Acquire Up to 74.76% Stake in Akzo Nobel India for ₹8,986 Cr
JSW Paints Limited has signed definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates for a maximum consideration of ₹8,986 crore, subject to closing adjustments.
The proposed acquisition is subject to Competition Commission of India (CCI) approval and the completion of a mandatory open offer to ANIL’s public shareholders.
Backed by the US$ 23 billion JSW Group, JSW Paints is India’s fastest-growing paint company. ANIL, a major player in both decorative and industrial paints, is part of Netherlands-based Akzo Nobel, a global leader in coatings.
This strategic acquisition significantly boosts JSW Paints’ position in India’s competitive and rapidly growing paints and coatings industry.
Parth Jindal, Managing Director, JSW Paints, said, “Paints & Coatings is one of India’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
Greg Poux-Guillaume, CEO of AkzoNobel, 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.”
Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor.
