JSW Paints nears ₹10,000 crore deal to acquire Akzo Nobel India
The deal is expected to be finalised by the end of June and is likely to be valued at around ₹10,000 crore, giving Akzo Nobel India a total valuation between ₹12,500 crore and ₹13,000 crore.
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JSW Paints is close to acquiring a 74.76% stake in Akzo Nobel India from its Dutch parent company, in a deal that could mark the multinational’s exit from the Indian market, sources told CNBC-TV18.
The deal is expected to be finalised by the end of June and is likely to be valued at around ₹10,000 crore, giving Akzo Nobel India a total valuation between ₹12,500 crore and ₹13,000 crore.
Akzo Nobel India, the maker of Dulux paints, is a major player in both the decorative and industrial coatings segments. The company currently has a market capitalisation of about ₹16,000 crore.
Sources say this is a promoter-level deal, with JSW Paints emerging as the leading bidder, beating out tough competition from Berger Paints and Indigo Paints. CNBC-TV18 had first reported in January that JSW was actively competing for the acquisition against these major players.
Speaking to CNBC-TV18’s Shereen Bhan at the World Economic Forum in Davos, Parth Jindal, Managing Director of JSW Paints, described the deal as an “exciting opportunity”, adding that he was ready to give “everything” to make it happen. Jindal confirmed that the bid is being supported by the Jindal family along with private equity investors.
If completed, the acquisition would be a major step forward for JSW Paints, significantly boosting its presence in India’s fast-growing ₹70,000 crore paints market, which is expanding at a compound annual growth rate (CAGR) of 10% to 12%. The sector’s growth is being driven by factors such as urbanisation, higher disposable incomes, and government investment in housing and infrastructure.
CNBC-TV18 reached out to Akzo Nobel India and JSW Paints for official comments and is awaiting responses.
