JSW Paints Strikes INR 8,986 Cr Deal to Acquire AkzoNobel India

In an exchange filing on June 27, JSW Paints Limited stated that it has finalised agreements to buy up to 74.76% of Akzo Nobel India Limited (ANIL) from Akzo Nobel N.V. and its affiliates. The deal was cracket for a maximum consideration under the Share Purchase Agreement of up to INR 8,986 crores, subject to certain closing adjustments.

The Competition Commission of India must approve the proposed transaction, and ANIL's public shareholders must complete a mandatory tender offer, or "open offer".

The news that JSW Paints would soon sign final or definite agreements to purchase the Indian division of the Dulux paint manufacturer was first reported by a renowned media outlet on June 26.

JSW Paints Outpaced Others to Crack the Deal

According to reports from a number of media outlets earlier on May 15, JSW Paints had taken the lead in a fiercely contested deal that also attracted interest from a group including Advent International, Indigo Paints, and Pidilite Industries, a manufacturer of Fevicol.

Following May 15, the Indian business house and the MNC entered into an exclusive agreement.

The US $23 billion JSW Group, India's largest conglomerate with diversified holdings across a range of B2B and B2C industries, including steel, cement, energy infrastructure, automobiles, and paints, includes JSW Paints, the fastest-growing paint firm in India.

One of the top manufacturers of industrial and decorative paints in India, ANIL is a division of AkzoNobel, a multinational leader in these products with its headquarters located in the Netherlands.

Deal Expands Product Portfolio of JSW Paints

JSW Paints is now one of the leading companies in the industry, which is predicted to develop rapidly in the years to come thanks to this game-changing purchase.

Paints & Coatings is one of the industries in India with the quickest rate of growth, and JSW Paints is one of the fastest-growing paint firms, according to Parth Jindal, Managing Director.

Some of the most well-known paint and coating brands in the world, including Dulux, International, and Sikkens, are produced by AkzoNobel India. “The firm is thrilled to have them join the JSW family at JSW Paints. JSW Paints hopes to create the paint business of the future in collaboration with the AkzoNobel India family, which includes its partners, customers, and workers,” Jindal added.

With the help of Dulux's magic and JSW Paints' thoughtfulness, we hope to satisfy customers and create enduring value for all of our stakeholders.

According to AkzoNobel CEO Greg Poux-Guillaume, this deal marks a critical turning point in the company's strategic implementation.  

He added further that AkzoNobel India is proud of the talent and brand that have contributed to its success, and it has continuously performed well. With JSW, AkzoNobel is certain that the company is in the capable hands of a long-term partner with extensive local knowledge and aspirations in the industry.