In a landmark deal, JSW Paints has acquired a 74.7% stake in Akzo Nobel India for ₹8,986 crore, marking its boldest move yet in India’s booming paint industry. With this acquisition, JSW Paints, part of the Jindal Group, enters the top tier of the ₹80,000 to ₹90,000 crore Indian paint market, securing its position as the fourth-largest player.
Akzo Nobel India, which operates the popular Dulux brand, confirmed on Friday that the stake will be sold through two of its Dutch promoter entities—Imperial Chemical Industries Ltd (holding 50.46%) and Akzo Nobel Coatings International B.V. (holding 24.30%). Both are classified as holding/promoter entities. The deal not only reshapes the competitive landscape but also marks a significant milestone in JSW Paints’ growth journey.
JSW Paints Triumphs Over Rival Bidders
The acquisition was the result of a competitive bidding process in which JSW Paints emerged victorious over a strong consortium that included Indigo Paints, private equity firm Advent International, and Pidilite Industries, a major player in adhesives and construction chemicals.
Parth Jindal, Managing Director of JSW Paints, expressed optimism about the future, stating, “We are excited to welcome Akzo Nobel India into the JSW family. Together with the employees, customers, and partners of Akzo Nobel India, we aim to build the paint company of the future.”
Akzo Nobel’s global CEO, Greg Poux-Guillaume, also voiced confidence in the deal. “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,” he said, signaling a smooth transition and shared vision for expansion in the Indian market.
Strategic Leap for JSW Paints Amidst Rising Competition
Founded just six years ago, JSW Paints has been striving to make its mark in India’s decorative paint segment, but has struggled to crack the top three. This acquisition provides the company with a strong brand portfolio and a pan-India distribution network, significantly accelerating its market penetration and brand equity.
Interestingly, while JSW Paints was still finding its footing, Birla Opus, the paint business launched by Grasim Industries, recently managed to capture a 3–4% market share in just one quarter, highlighting the fiercely competitive and rapidly evolving nature of the Indian paint market.
With this deal, JSW Paints is poised to not only challenge established players like Asian Paints, Berger Paints, and Kansai Nerolac but also usher in a fresh wave of consolidation and competition in the sector. As the paint market expands and consumer preferences evolve, all eyes will be on how JSW Paints leverages its new asset to transform into a market leader.
