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JSW Paints to acquire 74.76% stake in Akzo Nobel for Rs 8,986 crore
- IBJ Bureau
- Jun 28, 2025
JSW Paints will buy 74.76 per cent in Dutch paint-maker Akzo Nobel’s Indian arm for about Rs 8,986 crore. The acquisition is seen as the country’s biggest deal yet in the sector as competition intensifies between established players and new entrants.
The deal comes as challenges for Indian paint-makers mount, including volatile raw material costs and heightened competition, with billionaire Kumar Mangalam Birla’s entry into the sector last year eating into Asian Paints’ market share.
Dulux Paint-owner Akzo Nobel had announced a review of its South Asian operations last year to rein in costs and boost its core coatings business.
India’s paint and coatings market is expected to reach $16.37 billion in size by 2030, Mordor Intelligence estimates, from $10.46 billion in 2025, driven by a boom in infrastructure and real estate development.
The deal, which includes debt, will be the paint sector’s biggest one on record, Dealogic data shows.
JSW Paints, launched in 2019 and a part of the $23-billion JSW Group, will buy a 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore and launch an open offer for the roughly 25 per cent held by public shareholders.
Parent Akzo Nobel, the fourth-largest paint-maker in the world by market capitalisation – behind PPG, Nippon Paint and Sherwin-Williams – will continue to retain its research and development centre and powder coatings business in India.
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