AkzoNobel completes divestment of AkzoNobel India to JSW Group.

Akzo Nobel N.V. has announced the successful completion of the sale of Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. AkzoNobel announced its strategic portfolio review in October 2024, and this transaction marks a significant milestone.

As previously communicated, the transaction covers AkzoNobel’s liquid paints and coatings business in India. AkzoNobel retains full ownership of its India Powder Coatings business and the International Research Center, which will continue to operate as integral parts of the company’s global network. The transaction is valued at an enterprise value of approximately €1.4 billion, corresponding to an EV/EBITDA multiple of 25x.

Greg Poux-Guillaume, CEO of AkzoNobel, said “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, an ambitious and committed partner in the region’s fast-growing paints and coatings market.”

Sajjan Jindal, Chairman JSW Group said “I am happy to welcome the AkzoNobel India team to the JSW Family. We’ve always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we’re proud to bring global quality to homes and industries across India. Together, there’s an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.” 

Parth Jindal, Managing Director of JSW Paints said “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. Together, along with the Akzo Nobel 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.”

Source: AkzoNobel