JSW Paints signs definitive deal to buy majority stake in Akzo Nobel India

JSW Paints has agreed to acquire up to 74.76 percent of Akzo Nobel India for ₹8,986 crore. The acquisition, subject to permissions and an open bid, improves JSW’s position in India’s rapidly expanding paints and coatings sector.

JSW Paints Limited (“JSW Paints”) today signed definitive agreements to acquire up to 74.76 percent of Akzo Nobel India Limited (“ANIL”) from Akzo Nobel N.V. and its affiliates for a maximum consideration of INR 8,986 crores under the Share Purchase Agreement, subject to certain closing adjustments (“Proposed Transaction”).

The proposed transaction is subject to the Competition Commission of India’s approval and the execution of a mandatory tender offer (“Open Offer”) to ANIL’s public shareholders.

JSW Paints is India’s fastest-growing paint firm and a subsidiary of the US$23 billion JSW Group, India’s top conglomerate with broad holdings in B2B and B2C industries such as steel, cement, energy infrastructure, automobiles, and paints. ANIL is one of India’s top decorative and industrial paint companies, and it is a subsidiary of Akzo Nobel, a global leader in decorative and industrial coatings based in the Netherlands.

This transformative acquisition places JSW Paints as a key player in the sector, which is likely to grow rapidly in the coming years.

Parth Jindal, Managing Director, JSW Paints, says, “Paints and 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 and 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, says, “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 served as JSW Paints’ exclusive financial advisor in this transaction. Khaitan & Co. served as the legal advisor. Deloitte served as the financial and tax due diligence advisor.

For more information, visit: https://www.jswpaints.in/