JSW Paints Finalizes Historic Acquisition of AkzoNobel India
JSW Paints Limited has officially completed its acquisition of a controlling majority stake in AkzoNobel India Limited (ANIL).
The deal, finalized on December 10, 2025, marks one of the largest transactions in the history of the Indian paint industry, effectively merging the “Magic of Dulux” with the aggressive “Thoughtfulness” of the JSW Group.
Following the completion of a mandatory open offer and the execution of a Share Purchase Agreement (SPA), the former now holds a 61.2% stake in the company, cementing its position as the third-largest player in India’s decorative paint segment.
The Deal Mechanics: A Multi-Stage Takeover by JSW Paints
The acquisition was executed through a sophisticated mix of off-market transfers and public market offers. According to regulatory filings with the BSE and NSE:
- Promoter Stake Purchase: JSW Paints acquired a 60.76% stake directly from the erstwhile promoters, Akzo Nobel N.V. and its affiliates (Imperial Chemical Industries and Akzo Nobel Coatings International B.V.).
- Open Offer Results: A subsequent open offer to public shareholders, which concluded in November 2025, allowed JSW Paints to pick up an additional 0.44% stake at a price of ₹3,231.77 per share.
- Final Shareholding: As of early 2026, JSW Paints holds 2,78,71,723 equity shares, representing over 61% of the company’s paid-up capital.
The total enterprise value for the transaction was estimated at approximately €1.4 billion (₹13,000 crore).
To fund this deal, the company utilized a combination of promoter equity, debt, and structured financing.
Strategic Rationale: A New Powerhouse in Decorative Paints
For JSW Paints—a relatively young firm launched in 2019—the acquisition provides immediate access to the premium Dulux brand and its legacy of global quality.
This deal also grants the company a massive nationwide distribution network, accelerating its growth in a highly competitive market.
Parth Jindal, Managing Director of JSW Paints, described the acquisition as a “historic occasion.”
He further noted that the combined entity aims to disrupt the market dominance of established players like Asian Paints and Berger Paints.
AkzoNobel’s global parent will retain its Powder Coatings business and International Research Centre.
Meanwhile, JSW leadership will now steer the liquid paints and decorative business in India.
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