JSW Paints completes acquisition of 60.76% stake in Akzo Nobel India

New Delhi: JSW Paints has completed the acquisition of a 60.76% stake in Akzo Nobel India (ANIL) from Akzo Nobel N.V. and its affiliates. The company had earlier acquired 0.44% from public shareholders through an open offer, taking its total holding in ANIL to 61.2%.

JSW Paints is part of the US$23 billion JSW Group, which operates across steel, cement, energy, infrastructure, automotive and other sectors. ANIL, previously part of Akzo Nobel, has a long-standing presence in India’s decorative and industrial paints market.

Sajjan Jindal, Chairman of JSW Group, said, “I am happy to welcome the AkzoNobel India team to the JSW Family. 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. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”

Parth Jindal, Managing Director of JSW Paints, said, “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. 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.”

Greg Poux-Guillaume, CEO of AkzoNobel, said, “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market.”

Morgan Stanley served as the exclusive financial advisor to JSW Paints. Khaitan & Co. acted as legal advisor, and Deloitte undertook financial and tax due diligence.