New Delhi: JSW Paints Ltd has formally become the promoter of Akzo Nobel India Ltd after acquiring a 61.2% equity stake in the company, following the completion of a large off-market transaction, regulatory filings showed on Friday.
According to disclosures made by Akzo Nobel India, JSW Paints acquired 2.79 crore equity shares of the company on December 10, 2025, taking its shareholding to 61.20% and triggering a change in promoter control.
The stake purchase coincides with the exit of Imperial Chemical Industries Ltd (ICI), an erstwhile promoter, which sold 1.66 crore shares in an off-market transaction on the same day.
Post the transaction, ICI’s holding has fallen to about 9%, and it has been reclassified as a public shareholder under SEBI’s listing regulations.
The total consideration for the ICI stake sale was pegged at over ₹4,586 crore, comprising an upfront payment of around ₹4,364 crore, with the balance to be paid later as deferred consideration, subject to conditions laid out in the share purchase agreement.
Akzo Nobel India informed stock exchanges that the disclosures were made under the SEBI (Prohibition of Insider Trading) Regulations, 2015. The development marks a major consolidation move in India’s decorative paints industry, with JSW Paints strengthening its presence through a controlling stake in the Dulux-brand owner.