JSW Paints to acquire Akzo Nobel India in ₹9,000 crore deal
The transaction marks a significant consolidation in India's paints market, historically dominated by a handful of players. With this deal, JSW Paints is positioning itself as a serious contender behind Asian Paints and the recently aggressive Birla Opus, which has quickly scaled up to become the second-largest by capacity.
'We are excited to welcome them to the JSW family,' said Parth Jindal, managing director of JSW Paints. 'With the magic of Dulux and thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.'
Shares of Akzo Nobel India jumped more than 8% as of 11:30am (India time) on Friday, trading at ₹ 3,455.90 on the BSE. The transaction is priced at an estimated ₹ 2,639.4 per share, a 17.32% discount to Thursday's closing price, as per Mint calculations.
'This transaction is a significant milestone in the execution of our strategy. 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,' said AkzoNobel CEO Greg Poux-Guillaume. The Dutch paints maker had flagged a possible exit from India in October 2023, when it launched a strategic review of its local operations.
The entry of JSW marks the second major foray by a domestic conglomerate into the Indian paints market in recent years. Until recently, the sector was led by Asian Paints, followed by Berger Paints, Kansai Nerolac and Akzo Nobel. That hierarchy has since been upended, with Birla Opus emerging as a formidable rival, and JSW now eyeing a top-four position.
JSW Paints was launched in 2019 and is part of the $23 billion JSW Group. Its portfolio spans decorative and industrial paints.
India's decorative and industrial paints market is projected to reach $15.04 billion by 2029, growing at a compound annual rate of 9.38% from 2024, according to an ICICI Direct report. As demand spreads beyond metro markets, competition in the sector has intensified.
JSW was not the only contender. Pidilite Industries and Indigo Paints were also in the running to acquire Akzo Nobel India. Indigo, a more recent entrant that has broken into the top tier of the sector, is also vying for a top-four spot.
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