JSW Paints Ltd said it has entered into definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Ltd (ANIL) from Akzo Nobel N.V. and its affiliates, for a maximum consideration under the Share Purchase Agreement of up to ₹8,986 crore.
ANIL is one of India’s decorative and industrial paints players and part of Akzo Nobel, a global leader in decorative paints and industrial coatings headquartered in the Netherlands.
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.
“Together, along with the Akzo Nobel India family – employees, customers and partners – we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders,” he said.
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.”
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