NE BUSINESS BUREAU
CHENNAI, DEC 12
JSW Paints Limited announced the completion of its acquisition of a 60.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. With an additional 0.44% acquired through an open offer, JSW Paints now holds 61.2% of ANIL, marking one of the biggest consolidations in India’s paints and coatings sector.
JSW Paints achieves a significant milestone with the fulfilment of the majority acquisition in Akzo Nobel India. This transaction ushers the renowned Dulux brand into the JSW family and further strengthens our presence in India's fast-growing paints and coatings market.
Along… pic.twitter.com/yIdXviRvzd— JSW Group (@TheJSWGroup) December 11, 2025
JSW Paints — part of the US$23 billion JSW Group with interests spanning steel, energy, cement, infrastructure, automotive and paints — is among the fastest-growing players in the country. ANIL, one of India’s established decorative and industrial coatings companies, brings the globally renowned Dulux brand into JSW Paints’ portfolio.
- Landmark acquisition reshapes India’s paints and coatings landscape
- JSW strengthens portfolio with iconic Dulux brand and expanded industrial coatings footprint
- AkzoNobel global management calls deal a strategic reset for long-term value
- Market analysts see the merger powering JSW’s ascent in a high-growth sector
The company said the deal positions JSW Paints among the sector’s largest and most competitive players at a time when India’s paint market is projected to expand rapidly.
Sajjan Jindal, chairman of JSW Group, said, “I am happy to welcome the AkzoNobel India team to the JSW Family. We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”
Parth Jindal, Managing Director of JSW Paints, said, “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. 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, “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market.”
Morgan Stanley served as the exclusive financial advisor to JSW Paints, while Khaitan & Co. acted as the legal advisor. Deloitte handled financial and tax due diligence.
