US EditionTycoon Savitri Jindal’s JSW Paints To Buy Akzo Nobel’s India Business In $1.6 Billion Deal
- On June 27, JSW Paints, a unit of the $23 billion JSW Group, announced its plan to purchase a majority shareholding of 74.76% in Akzo Nobel India Ltd from Akzo Nobel N.V., in a deal valued at up to Rs 8,986 crore, pending necessary regulatory clearances.
- This transaction comes after Akzo Nobel’s strategic portfolio review initiated in October 2023, during which the company considered withdrawing from the Indian market to concentrate on its core positions in leading global coatings regions.
- Akzo Nobel India, known for brands like Dulux and Sikkens, will transfer its liquid paints and coatings business, while retaining powder coatings and research units.
- Akzo Nobel CEO Greg Poux-Guillaume described the deal as an important step forward in implementing their strategy and expressed trust in JSW as a long-term partner with strong local knowledge.
- The acquisition positions JSW Paints among major Indian competitors amid a sector growing annually at 9.38%, with expanding demand beyond metro markets and intensified competition.
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JSW strengthens India paints push with US$1.6 billion Akzo Nobel unit deal
BENGALURU: JSW Paints will buy Dutch paint maker Akzo Nobel’s Indian arm for about US$1.6 billion, in what will be the country’s biggest deal yet in the sector as competition intensifies between established players and new entrants. © New Straits Times Press (M) Bhd
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