Akzo Nobel N.V. announced the completion of the sale of Akzo Nobel India Limited (ANIL) to the JSW Group. It is one of India’s leading diversified conglomerates. This closing marks a major milestone in AkzoNobel’s strategic portfolio review announced in October 2024.
Transaction Covers Liquid Paints and Coatings Business
As per the press release, the deal includes AkzoNobel’s liquid paints and coatings business in India. However, the India Powder Coatings division and the International Research Center will continue under full AkzoNobel ownership. It will remain part of its global operations. The transaction values the enterprise at approximately €1.4 billion, reflecting an EV/EBITDA multiple of 25x.
Strengthening Strategic Focus
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 thank our colleagues in India for their many contributions and welcome JSW, an ambitious and committed partner, as it takes over the business in the region’s fast-growing paints and coatings market.”
JSW Group Welcomes AkzoNobel India Team
Sajjan Jindal, Chairman, JSW Group, said, “I am happy to welcome the AkzoNobel India team to the JSW Family. We have always believed that India deserves trusted, world-class paints and coatings. 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.”
Building the Paint Company of the Future
Parth Jindal, Managing Director, JSW Paints, added, “We are delighted to welcome Akzo Nobel India into the JSW family. This is a historic occasion, marking one of the largest acquisitions in India’s paints and coatings market. Together 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.”
