The transaction includes AkzoNobel’s liquid paints and coatings business in India, while the India Powder Coatings unit and International Research Center will remain under AkzoNobel's full ownership.
Global paints and coatings giant Akzo Nobel N.V. announced on June 27, a landmark agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, a prominent Indian diversified conglomerate. The deal, valued at approximately €1.4 billion, marks a pivotal step in AkzoNobel’s ongoing strategic portfolio review.
The comprehensive agreement encompasses AkzoNobel’s liquid paints and coatings business operations in India. Notably, the India Powder Coatings business and the International Research Center, both currently integral parts of ANIL, will be retained by AkzoNobel under full ownership, underscoring the company’s commitment to specific growth areas and innovation in the region.
The transaction involves the sale of up to 75% of shares in ANIL and is contingent upon customary closing conditions, including obtaining necessary regulatory approvals. Both parties anticipate the completion of this strategic deal in the fourth quarter of 2025.
Greg Poux-Guillaume, CEO of AkzoNobel, commented on the significance of the transaction, stating, “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.”
For JSW Paints, this acquisition represents a substantial expansion. Parth Jindal, Managing Director of JSW Paints, expressed his enthusiasm for the integration: “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. 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. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
Financially, AkzoNobel anticipates net cash proceeds of approximately €900 million from the divestment. A significant portion, around €500 million, will be allocated towards deleveraging efforts, strengthening the company’s balance sheet. Following the successful completion of the transaction, AkzoNobel also intends to launch a €400 million share buyback program, demonstrating a commitment to returning value to its shareholders.
