JSW Makes Dulux Its Own: Rs 8,986 Crore Deal with Open Offer Sets Stage for Paint Market Shake-Up

JSW Paints, part of the ₹1.9 lakh crore JSW Group, has signed a definitive agreement to acquire a 74.76% stake in Akzo Nobel India—home to the iconic Dulux brand—for Rs 8,986 crore, following a premium valuation deal amid intense strategic relevance.

Under Indian takeover rules, JSW will also extend a mandatory open offer to public shareholders for up to 25% equity, potentially reinforcing its majority position.

This blockbuster transaction is the largest-ever in India’s paint industry, valued at approximately €1.4 billion ($1.64 billion) including debt, and will catapult JSW into the fourth-largest decorative paints player in India, joining the ranks of Asian Paints, Berger, and Kansai Nerolac.

Akzo Nobel, the Dutch parent, plans to reallocate Rs 900 million of the proceeds to strengthen its core industrial coatings and R&D operations, while JSW gains control of a premium brand portfolio and distribution network.

What this means for JSW Paints:

• Accelerated entry into the ultra‑premium paints segment with Dulux, International, and Sikkens brands
• Enhanced market share—from ~3% to ~9% in decorative paints—bringing JSW into the paint big league
• Synergy potential across existing infrastructure and cross‐selling opportunities via its steel, cement, and energy verticals

Next steps: The deal is subject to final Competition Commission of India approval and the successful completion of the open offer, with the transaction expected to close by Q4 2025.