JSW Group to Acquire Akzo Nobel India

Business Strategy JSW Group to Acquire Akzo Nobel India

2025-07-03 Source: Press release Akzo Nobel 2 min Reading Time

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JSW Group has plans to take over Akzo Nobel India from Akzo Nobel for 1.4 billion euros. The deal also includes Akzo Nobel’s liquid paints and coatings business in India. The India Powder Coatings business and International Research Center will be retained by Akzo Nobel under full ownership.

Akzo Nobel has signed an agreement to sell its shareholding in Akzo Nobel India (Anil) to the JSW Group, one of India’s leading diversified conglomerates. (Source: Akzo Nobel) — Akzo Nobel has signed an agreement to sell its shareholding in Akzo Nobel India (Anil) to the JSW Group, one of India’s leading diversified conglomerates.
(Source: Akzo Nobel)

Amsterdam/The Netherlands – Akzo Nobel has signed an agreement to sell its shareholding in Akzo Nobel India (Anil) to the JSW Group, one of India’s leading diversified conglomerates. The transaction is based on a total enterprise value of approximately 1.4 billion euros, representing an EV/EBITDA multiple of 22x, and includes Akzo Nobel’s liquid paints and coatings business in India. The India Powder Coatings business and International Research Center, both currently part of Anil, will be retained by Akzo Nobel under full ownership.

This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company’s capital and capabilities on leading positions in key global coatings markets.

Greg Poux-Guillaume, CEO of Akzo Nobel, said: “This transaction is a significant milestone in the execution of our strategy. Akzo Nobel 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.”

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Parth Jindal, 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. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”

The net cash proceeds are expected to be approximately 900 million euros of which around 500 million euros will be used for deleveraging. Following closing, Akzo Nobel intends to launch a 400 million euro share buyback program.

The transaction involves the sale of up to 75 % of shares in Anil, and is subject to customary closing conditions including regulatory approvals.

The transaction is expected to be completed in the fourth quarter of 2025.

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