New Delhi : JSW Paints on Wednesday announced the completion of its acquisition of a majority stake in Akzo Nobel India, taking its total holding to 61.2 per cent, after acquiring an additional 0.44 per cent via a public open offer.
The acquisition — involving 60.76 per cent of shares from Akzo Nobel N.V. and its affiliates plus the open offer — makes JSW Paints the promoter of Akzo Nobel India.
A long-expected deal comes home
The development follows the definitive agreement signed on June 27 this year under which JSW Paints had agreed to acquire up to 74.76 per cent stake in Akzo Nobel India for a consideration of approximately ₹8,986 crore.
At that time, the acquisition was pitched as one of the largest deals in India’s paint industry, promising to bring global brands such as Dulux and Sikkens under the JSW umbrella, and significantly reshape the competitive landscape.
Strategic significance
With this deal, JSW Paints — part of the larger JSW Group — makes a bold leap in India’s paints and coatings sector, which has long been dominated by legacy incumbents.
Welcome comments from JSW’s leadership underscored the ambition: the company said it aspires to “build the paint company of the future,” bringing together the strength of Dulux and JSW’s business reach.
Meanwhile, Akzo Nobel’s leadership described the transaction as a strategic repositioning, allowing the global parent to sharpen focus on its core international markets — while confident that the Indian operations are now with a partner committed to long-term growth.
What next: Growth and consolidation
With regulatory approvals now behind it and the acquisition closed, JSW Paints is positioned to substantially ramp up its presence in both decorative and industrial paints segments. The inclusion of premium brands like Dulux- and Sikkens-driven product lines gives JSW instant brand equity and access to urban markets.
For Akzo Nobel India, the deal marks the end of its chapter under the Dutch parent in the Indian decorative-paints market. The parent company retains certain non-consumer businesses (powder coatings and R&D) as per the divestment strategy.