JSW Paints to buy Akzo Nobel India for $1 billion
JSW Paints Ltd, which is a part of the Sajjan Jindal group, has signed definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Ltd (ANIL) from Dutch-based Akzo Nobel N.V. and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore (around $1.04 billion).
The transaction is based on a total enterprise value of approximately €1.4 billion, representing earnings multiple (EV-EBITDA) of 22 times, and includes Akzo Nobel's liquid paints and coatings business in India, Akzo Nobel said.
However, the India powder coatings business and International Research Centre, both currently part of ANIL, will be retained by Akzo Nobel under full ownership.
'This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company's capital and capabilities on leading positions in key global coatings markets,' Akzo Nobel said. The company, which owns the Dulux brand, has five plants located in various states.
Product Range
In India, the company offers a wide range of products across various segments, including decorative paints, automotive and specialty coatings, powder coatings, industrial coatings, and marine and protective coatings
'The net cash proceeds are expected to be approximately €900 million of which around €500 million will be used for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share buyback programme.
Akzo Nobel India has been present in India for over 70 years and currently operates in Paints and Coatings Segment. In 2008, the Indian unit became a member of the Akzo Nobel Group. Headquartered in Amsterdam, the parent firm has activities in more than 150 countries.
Greg Poux-Guillaume, CEO of Akzo Nobel, said: 'This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.'
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