New Ownership of AkzoNobel India: JSW Paints to take the charge!

AkzoNobel declares that the JSW Paints group has purchased AkzoNobel India. Its decision to sell JSW Paints a 74.7% stake for rupees 8986 crores was made on Friday.

JSW Group and AkzoNobel N.V. have successfully reached an agreement for the sale of the company’s shares. In particular, this transaction is valued at around €1.4 billion based on the total enterprise value. Meanwhile, AkzoNobel India’s business operates under the ‘Dulux’ brand in the country.

The CEO of AkzoNobel, Gregoire Poux-Guillaume said- “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.”

Parth Jindal, the Managing Director of JSW Paints added- “Paints & 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 & 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.”

Since 1972, AkzoNobel has been consistently supplying new and innovative paint and coatings that provides its customers with unparallel satisfaction. Moreover, the company has a strong global presence, operating in more than 150 countries. Furthermore, AkzoNobel’s expertise in sustainability is truly excellent, setting a high standard in the industry.