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JSW Paints has signed definitive agreements to acquire up to 74.76% stake in Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and affiliates, in a deal valued at up to ₹8,986 crore.
The deets: the primary stake purchase is pegged at ₹8,986 crore, with an additional contingent consideration of ₹447 crore potentially payable in the future.
Akzo Nobel India is a top player in the country’s paints and coatings market, backed by Dutch giant Akzo Nobel, a global leader in decorative and industrial finishes. For JSW, this is a strategic leap to challenge incumbents and cement its place among the sector’s heavyweights.
Akzo Nobel India’s promoters, including Imperial Chemicals and Akzo Nobel Coating International, will be exiting their entire holding. As part of the deal, JSW Paints has announced an open offer price of ₹3,417.77 per share, a premium over Thursday’s closing price.
Why it matters: the deal gives JSW Paints a big leap into premium decorative and industrial paints, instantly Akzo Nobel has a strong brand portfolio, distribution network, and customer relationships in India.
It helps JSW gain scale in a highly competitive market dominated by legacy players like Asian Paints and Berger.
Zoom out: India’s paints industry is a ₹70,000+ crore market and one of the fastest-growing in Asia, expanding at around 10–12% rate.
It’s split between decorative paints (used in homes and buildings) and industrial coatings (used on factories, infrastructure, and machinery).
Decorative paints make up nearly 75% of the market, driven by rising incomes, housing demand, and premiumisation. Big brands like Asian Paints, Berger, Kansai Nerolac, and Akzo Nobel dominate the sector, but newer players like JSW Paints are entering aggressively with fresh capital and brand strategies.
