AkzoNobel Announces Sale of AkzoNobel India to JSW Group

Akzo Nobel N.V. has entered into an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. The deal is valued at approximately €1.4 billion in enterprise value, reflecting an EV/EBITDA multiple of 22x, and including AkzoNobel’s liquid paints and coatings business in India.

AkzoNobel will retain full ownership of its India Powder Coatings business and the International Research Centre, both currently part of ANIL.

This divestment marks the first step in the strategic portfolio review announced in October 2024, as the company seeks to concentrate its capital and expertise on strengthening its leadership in key global coatings markets.

Greg Poux-Guillaume, CEO of AkzoNobel, said, “This transaction is a major turnaround in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. 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.” 

Parth Jindal, Managing Director of JSW Paints, added: “Paints & Coatings is one of India’s fastest-growing sectors, and JSW Paints is among the fastest-growing paint companies. AkzoNobel India is home to some of the most globally renowned brands of paints & coatings, like Dulux, International, and Sikkens. We are excited to welcome them to the JSW family. Together with the AkzoNobel India family – employees, customers and partners – we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.” 

Akzo Nobel N.V. expects to generate approximately €900 million in net cash proceeds from the transaction, with around €500 million allocated toward debt reduction. Upon completion, the company plans to initiate a €400 million share buyback program.

The agreement includes the sale of up to 75% of shares in Akzo Nobel India Limited (ANIL) and remains subject to customary closing conditions, including regulatory approvals. The transaction is anticipated to close in the fourth quarter of 2025.

This announcement is made by Akzo Nobel N.V. in accordance with Section 17, Paragraph 1 of the European Market Abuse Regulation (596/2014).

Source: AkzoNobel