JSW Paints Acquires 74.76% Stake in Akzo Nobel India for ₹8,986 Crore, Becomes Fourth Largest Paint Player

JSW Paints, a subsidiary of the Rs 23 billion JSW Group, has inked definitive agreements to acquire a 74.76% stake in Akzo Nobel India—home to the premium Dulux brand—for up to Rs 8,986 crore, equivalent to approximately $1.05 billion.

Under the share purchase agreement, JSW Paints' offer includes a base payment with a contingent consideration clause worth up to ₹447 crore. Following the acquisition, JSW Paints will trigger a mandatory open offer to public shareholders and await approval from the Competition Commission of India.

By acquiring Dulux and other premium brands, JSW Paints makes a bold entry into India’s ₹80,000–₹90,000 crore decorative paint market—rising to become the fourth‑largest paint company domestically.

Analysts anticipate this transaction will reshape competitive dynamics among key players—Asian Paints, Berger, Kansai Nerolac—and heighten competition from new entrants like Birla Opus and Indigo Paints.

Akzo Nobel India’s shares responded strongly, surging over 10% to ₹3,192.60 on the BSE, with the acquisition price representing a 16–17% discount to the previous market price.

Parth Jindal, MD of JSW Paints, commented that the deal combines “the Magic of Dulux and Thoughtfulness of JSW Paints,” signaling an ambition to “build the paint company of the future”.

Greg Poux‑Guillaume, CEO of Akzo Nobel, echoed confidence in JSW’s long‑term vision for the brand in India.

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Advisors on the deal include Morgan Stanley for JSW, with Citi advising Akzo Nobel. Legal counsel for JSW came from Khaitan & Co, while Deloitte handled due diligence