Latest news with #GregPoux-Guillaume
Time of India
6 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.
Mint
7 hours ago
- Business
- Mint
JSW Paints to acquire Akzo Nobel India in ₹9,000 crore deal
Mumbai: JSW Paints said Friday it will acquire a 74.76% stake in Akzo Nobel India Ltd. from its Dutch parent Akzo Nobel N.V. and its affiliate, in a deal valued at nearly ₹ 9,000 crore. The acquisition, subject to regulatory approvals and a mandatory open offer to minority shareholders, will bring established brands like Dulux and Sikkens under the JSW umbrella. 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.
New Indian Express
7 hours ago
- Business
- New Indian Express
JSW Paints acquires Dulux-maker AkzoNobel India for Rs 8,986 crore
MUMBAI: JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in the larger rival and the Dulux-maker Akzo Nobel India for Rs 8,986 crore, marking one of the largest deals in the around Rs 90,000 crore domestic paints sector. The deal also involves an open offer and will pay the way the Dutch company to completely exit the country. The acquisition will make JSW Paints, which has not yet been able to make a clear mark in the paints segment even after six years, a major player in the decorative and industrial coatings space, subject to regulatory approvals and a mandatory open offer. Akzo Nobel India, the owner of Dulux, is part of Akzo Nobel NV and its affiliates. The group, in an exchange filing on June 27, said that the maximum consideration under the Share Purchase Agreement is up to ₹8,986 crore, subject to certain closing adjustments. The transaction is subject to approval from the Competition Commission and the completion of a mandatory tender offer to the public shareholders of the company. The deal was in the making for a few years now and is part of the Amsterdam, the Netherlands-based company's global recast and had many bids from a consortium of Advent International and Indigo Paints, and Fevicol maker Pidilite Industries. JSW will acquire 74.76% stake from the Dutch promoters/holding entities-- Imperial Chemical Industries and Akzo Nobel Coatings International BV, JSW said on Friday. On completion of the Akzo's Dutch promoter group, which together held 74.76% shareholding in the local unit here, exits the domestic decorative paints market, which is witnessing disruption with entry of new players as Aditya Birla Group. 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. JSW Paints managing director Parth Jindal said paints and coatings is one of the fastest-growing sectors. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.' AkzoNobel chief executive 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.'
Deccan Herald
9 hours ago
- Business
- Deccan Herald
JSW Paints to acquire Akzo Nobel India in Rs 8,986-crore deal
New Delhi, 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 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 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 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 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 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 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 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 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 revenue from operations in FY25 was Rs 4,091.21 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 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 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 pipes and fittings manufacturer Astral acquired Gem Paints and JK Cements entered by acquiring Acro Paints asking its entry into the paint 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.
Mint
9 hours ago
- Business
- Mint
JSW Paints to acquire Akzo Nobel India in ₹9,000 crore deal
Mumbai: JSW Paints said Friday it will acquire a 74.76% stake in Akzo Nobel India Ltd. from its Dutch parent Akzo Nobel N.V. and its affiliate, in a deal valued at nearly ₹ 9,000 crore. The acquisition, subject to regulatory approvals and a mandatory open offer to minority shareholders, will bring established brands like Dulux and Sikkens under the JSW umbrella. 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. '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. Pidilite, the adhesives giant, is meanwhile pursuing in-house capacity development to enter the paints segment, with an eye on growing demand in non-urban markets, Mint reported on 27 March.
