JSW Paints Set to Acquire 74.76% Stake in Akzo Nobel India

28 May 2025 , 11:23 AM

JSW Paints is said to be nearing the acquisition of a 74.76% stake in Akzo Nobel India from its Netherlands-based parent company, as per sources. The deal, likely to be completed by June-2025, will be worth nearly ₹10,000 crore, which could value Akzo Nobel India at ₹12,500- ₹13,000 crore. This deal will also pave the way for exit of Akzo Nobel N.V. from the Indian market and is one of the major developments in the Indian paints and coatings sector.

Akzo Nobel India, popular for its Dulux brand, is one of the leading players in India’s decorative and industrial paints category and currently has a market capitalisation of about ₹16,000 crore. This will be a promoter-level transaction, said people aware of the development, with JSW Paints the leading contender ahead of the likes of Berger Paints and Indigo Paints.

If the deal goes through, it will bolster JSW Paints’ presence in India’s burgeoning paint market, which is estimated at more than ₹70,000 crore. Indian Paints sector is CAGR of 10%–12% driven by urbanisation, improving disposable income, and favourable government policies in infrastructure and affordable housing.

Akzo Nobel N.V., the Netherlands-based parent, is one of the largest paint makers in the world with a presence in more than 150 countries and well-known global brands serving commercial and consumer markets. A successful takeover will not only provide JSW Paints with a huge market share in the segment, but also the much-needed global brand value and technology prowess, which will likely change the dynamics of the Indian paints space.