JSW Paints Secures Acquisition of 61.2% Stake in Akzo Nobel India

The Indian paint industry has witnessed a significant consolidation with JSW Paints officially completing its acquisition of a majority stake in Akzo Nobel India Limited (ANIL). In a move that positions the Jindal-led company as a formidable challenger in the ₹90,000 crore paints market, JSW Paints has secured a controlling 61.2% stake in the maker of the iconic ‘Dulux’ brand.

This strategic buyout, initially announced in mid-2025, has now concluded with the transfer of shares and reclassification of promoters, marking Akzo Nobel India’s transition into the JSW fold.

The transaction involved a two-part acquisition process aimed at securing a clear majority control:

• Promoter Stake: JSW Paints acquired 60.76% of the equity shares from the previous promoters, Akzo Nobel N.V. (the Dutch parent company) and its affiliates.
• Public Stake: An additional 0.44% stake was acquired from public shareholders through a mandatory open offer.
• Total Shareholding: Post-transaction, JSW Paints now holds a total of 27,871,723 equity shares, representing 61.2% of Akzo Nobel India’s paid-up capital.

Following this, the erstwhile promoters—Imperial Chemical Industries Limited and Akzo Nobel Coatings International B.V.—have been reclassified from the ‘promoter’ category to the ‘public’ category.

Strategic Impact: Building the “Paint Company of the Future”

This acquisition is a game-changer for JSW Paints, which entered the market just five years ago in 2019. By acquiring an established player like Akzo Nobel India, JSW instantly leaps to the position of the fourth-largest player in India’s decorative paints segment.

Sajjan Jindal, Chairman of JSW Group, welcomed the new team, stating, “We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India”.

Parth Jindal, Managing Director of JSW Paints, highlighted the synergy between the two entities: “This is a historic occasion. Together, with the ‘Magic of Dulux’ and the ‘Thoughtfulness of JSW Paints’, we aspire to build the paint company of the future”.

What Stays with Akzo Nobel?

While the liquid paints and coatings business (including the Dulux brand in India) has been transferred to JSW, the Dutch parent company Akzo Nobel N.V. is not exiting India completely. It has retained full ownership of:

• The India Powder Coatings business.
• The International Research Center (R&D facility).

Greg Poux-Guillaume, CEO of AkzoNobel, described the closing as a step to sharpen their strategic focus while leaving the India business in the hands of a “committed partner”.

The deal, valued at approximately ₹12,915 crore (including the open offer), is one of the largest in the sector’s history. It combines JSW’s aggressive market disruption strategies—such as “Any Colour at One Price”—with Akzo Nobel’s premium brand equity and established distribution network. This consolidation is expected to intensify competition against market leaders like Asian Paints and Berger Paints.