
JSW Paints eyes sharp rise in mkt share in decorative, industrial coating segment: Parth Jindal
aims to significantly increase its market share in decorative and industrial coating segments, following the acquisition of
Akzo Nobel India
Ltd, the makers of
Dulux
paints, a top company official said.
Last week, JSW Paints announced the acquisition of 74.76 per cent stake from the Dutch promoters of
Akzo Nobel India
Ltd (ANIL) for a consideration of Rs 8,986 crore and announced an open offer of up to Rs 3,929.06 crore.
JSW Paints, part of Sajjan Jindal-led USD 23 billion JSW Group, will fund the nearly Rs 13,000 crore acquisition, partly through a mix of internal accruals, support from financial creditors and through private equity, its Managing Director Parth Jindal said.
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Once the acquisition is completed post approvals from regulatory bodies such as Competition Commission of India and others, the five-year old company, JSW Paints, would become the fourth largest player in the segment, he said.
Terming it as a momentous occasion for JSW Paints, Jindal said "coming together with Dulux, takes us into the top four in the
Indian paint industry
. It allows us to scale up our business and it allows us to come very close to our ambition of being in the top three players in the Indian paints industry."
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After the acquisition of ANIL, JSW Paints would have two levers of growth in the domestic paints market, which is expected to grow to USD 15 billion by 2029.
Brand Dulux would focus on the premium side, in the metro and tier I & II cities, while JSW will continue to expand in the mass and value segments.
"Today Dulux is one of the market leaders in the premium segment of
decorative paints
and JSW paints is doing extremely well and growing very fast in the mass and value segments," he said.
When asked about the intense competition in the Indian paints segment, where the players have a low sales realisation due to competitive pricing, Jindal said they are here for the long-term.
"We will remain very competitive in the market. I do believe that there is further consolidation that may take place. I believe that margins in the decorative segment will be under pressure, and we will fight with everything that we have," he said.
Jindal further said that after completing the open offer, it will keep ANIL as a listed entity and also hinted that it will continue with the current management.
AkzoNobel CEO Greg Poux-Guillaume said the company will put most of the money from the transaction on its balance sheet that will fund future developments.
When asked about the reasons for exit from the India market, he said it's more the realization that the Indian market is 'fairly unique' in the sense that it's a market where the local players are taking over from the international companies.
The Indian paint industry is led by
Asian Paints
, a market leader. Besides Berger,
Kansai Nerolac
, Akzo Nobel India (Dulux),
Indigo Paints
,
Shalimar Paints
, and Nippon Paints are other brands.
According to an ICICI Direct report, the size of the India paints and coatings market is estimated at USD 9.60 billion in 2024. It is expected to reach USD 15.04 billion by 2029, growing at a CAGR of 9.38 per cent between 2024 and 2029.

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