Latest news with #ANIL
Time of India
15 hours ago
- Business
- Time of India
JSW Paints to acquire Akzo Nobel India in Rs 8,986-crore deal
JSW Paints, part of USD 23 billion JSW Group , on Friday said it will acquire majority controlling stake in Akzo Nobel India Ltd (ANIL), the maker of Dulux paints , for Rs 8,986 crore. It will acquire 74.76 per cent stake from its Dutch promoters/holding entities -- namely Imperial Chemical Industries and Akzo Nobel Coatings International BV -- for a consideration of Rs 8,986 crore, according to a statement from the JSW Group firm. "JSW Paints today (Friday) entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore," it said. With this transaction, ANIL's Dutch promoters group, which together held 74.76 per cent shareholding in the company, has exited the Indian decorative paints market , which is witnessing disruption with entry of new players as Aditya Birla Group. The deal is subject to certain closing adjustments and regulatory approvals from the Competition Commission of India (CCI) and the completion of a mandatory open offer to the public shareholders of ANIL. The deal will help JSW group expand its play into the paint segment, which it entered into in 2019 and is a relatively new player establishing its base in the industry. "This transformative acquisition positions JSW Paints as one of the major players in the sector, which is expected to see robust growth in the years ahead," it said. JSW Paints Managing Director Parth Jindal said Paints & Coatings is one of India's fastest-growing sectors and JSW Paints is among the fastest growing paint companies. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family -- employees, customers and partners -- we aspire to build the paint company of the future," he said. AkzoNobel CEO Greg Poux-Guillaume 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." Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction, while Khaitan & Co. acted as the legal advisor and Deloitte as the financial and tax due diligence advisor. In October last year, Akzo Nobel NV announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Akzo Nobel India has a presence in a wide range of paints and coatings segments spanning from decorative paints; automotive and speciality coatings; industrial coatings; marine, protective and yacht coatings to powder coatings. Its revenue from operations in FY25 was Rs 4,091.21 crore. Earlier on February 25, ANIL has said it will transfer its Powder Coatings business and International Research Centre (R&D) to its Dutch parent firm Akzo Nobel NV in a Rs 2,143-crore intergroup deal. AkzoNobel India had acquired "intellectual property rights" of Akzo Nobel Coatings International BV for its decorative paints business in India, Bangladesh, Bhutan, and Nepal for a consideration of Rs 1,152 crore. The Indian paint industry is dominated by players such as Asian Paints, Berger, Kansai Nerolaca, and AkzoNobel India. In last 5-6 years, several new players have entered this market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints. Besides, pipes and fittings manufacturer Astral acquired Gem Paints and JK Cements entered by acquiring Acro Paints asking its entry into the paint sector. In its latest annual report, Akzo Nobel India, citing the data of the Indian Paints Association, said the paints & coatings industry in the country is estimated to be USD 8.5 billion in value and 6.3 million MTPA by volume.
Time of India
15 hours ago
- Business
- Time of India
JSW Paints to acquire up to 75% stake in Akzo Nobel India for ₹9,446 crore
NEW DELHI: JSW Paints has entered into a definitive agreement to acquire up to 75% stake in Akzo Nobel India (ANIL), marking one of the biggest moves in India's decorative paints industry. The transaction, set through a share purchase agreement (SPA) dated June 27, 2025, involves the purchase of the entire promoter shareholding from Imperial Chemical Industries and Akzo Nobel Coatings International B.V. —the two holding companies owning a combined 74.76% in Akzo Nobel India. According to the SPA, JSW Paints has agreed to acquire up to 34,044,335 equity shares, representing approximately 74.76% of the total share capital of Akzo Nobel India, at a price of ₹2,762.05 per equity share. The total consideration for the acquisition, assuming full purchase of the promoter stake, amounts to ₹9,446.22 crore. The sellers—Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V.—currently hold 22,977,544 shares (50.46%) and 11,066,791 shares (24.30%) in Akzo Nobel India respectively. As per regulatory requirements under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, JSW Paints will also be making a mandatory open offer to acquire an additional 26% stake from public shareholders. Upon completion of the SPA and open offer, JSW Paints may acquire control of up to 100% of Akzo Nobel India, subject to the level of public participation in the offer. Following the completion of the transaction, JSW Paints is expected to be reclassified as the promoter of the company, and the current promoters will be moved to the public shareholder category. Akzo Nobel India has informed the stock exchanges that Akzo Nobel N.V., the ultimate parent company of the sellers, intends to enter into certain transitional brand and intellectual property licensing arrangements with Akzo Nobel India. These arrangements will allow continued use of the Akzo Nobel brand and related IP in India for a defined period. These agreements will be executed prior to the closing of the transaction and shared with the stock exchanges in accordance with applicable regulatory norms. The deal follows Akzo Nobel N.V.'s strategic review of its South Asia decorative paints business, which was first disclosed in October 2024. During the period between signing and closure, both parties have agreed to certain interim obligations under a standstill undertaking, ensuring business continuity and adherence to agreed covenants. 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 program, said Akzo Nobel N.V. The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel 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, said the company. The transaction is expected to be completed in the fourth quarter of 2025. The proposed acquisition is one of the largest control deals in the Indian paints sector and will proceed through a combination of negotiated purchase and public open offer. Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor.
Business Standard
16 hours ago
- Business
- Business Standard
Akzo Nobel soars after JSW Paints inks deal to acquire 75% stake for Rs 9,400 crore
Akzo Nobel India jumped 9.60% to Rs 3498.95 after the company announced that its existing promoters have entered into a share purchase agreement (SPA) with JSW Paints for selling their 74.76% stake for a total consideration of Rs 9,403.21 crore. In a statement released today, Akzo Nobel N.V. said that it has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of Indias leading diversified conglomerates. Under the agreement, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity. The transaction is based on a total enterprise value of approximately 1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobels liquid paints and coatings business in India. The transaction involves the sale of up to 75% of shares in ANIL and is subject to customary closing conditions including regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2025. The two promoter entities would sell 3,40,44,335 shares in Akzo Nobel India at a price of Rs 2,762.05 apiece, which translates to a total consideration of Rs 9,403.21 crore. The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.
India Gazette
19 hours ago
- Business
- India Gazette
JSW paints signs definitive agreements to acquire AkzoNobel India
Mumbai (Maharashtra) [India], June 27 (ANI): JSW Paints Limited, on Friday, entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel NV and its affiliates, for a maximum consideration under the Share Purchase Agreement of up to Rs 8,986 crores, subject to certain closing adjustments (Proposed Transaction). The Proposed Transaction is subject to approval from the Competition Commission of India and the completion of a mandatory tender offer (Open Offer) to the public shareholders of ANIL. JSW Paints is India's fastest growing paints company and a part of the USD 23 billion JSW Group, India's leading conglomerate with diverse interests across a range of B2B and B2C sectors including steel, cement, energy infrastructure, automotives and paints. ANIL is one of India's leading decorative and industrial paints players and part of Akzo Nobel, a global leader in decorative paints and industrial coatings headquartered in the Netherlands. This transformative acquisition positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead. Parth Jindal, Managing Director, JSW Paints, said, 'Paints & Coatings is one of India's fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.' He added. 'We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future.' Greg Poux-Guillaume, CEO of AkzoNobel, 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.' Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor. (ANI)
Indian Express
20 hours ago
- Automotive
- Indian Express
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.'
