JSW Paints Completes Akzo Nobel India Deal, Lifts Stake to 61.2%

JSW Paints has officially completed its takeover of Akzo Nobel India, lifting its total stake to 61.2 percent after closing the open offer.

The company acquired 60.76 percent from Akzo Nobel N.V. and its affiliates, followed by another 0.44 percent purchased from public shareholders, sealing one of the industry’s most significant transactions of the year.

The company said the acquisition strengthens its position in a sector expected to see strong growth. “This transaction positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead,” the company noted in its release.

Sajjan Jindal, chairman, JSW Group, said in the release: “I am happy to welcome the AkzoNobel India team to the JSW family…With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India. 

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Parth Jindal, managing director of JSW Paints, said: “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market…With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”

The deal follows JSW Paints’ June agreement to acquire up to 74.76 percent of Akzo Nobel India for as much as Rs 8,986 crore, subject to adjustments. AkzoNobel CEO Greg Poux-Guillaume said the move sharpens the company’s strategic focus while placing its India business in the hands of a strong partner.