JSW Paints to Take Over Akzo Nobel India in ₹8,986 Cr Deal, Triggers Open Offer

JSW Paints has signed definitive agreements to acquire up to 74.76% of Akzo Nobel India for ₹8,986 crore, marking one of the biggest shakeups in India’s paints industry. The deal values each share at ₹2,762.05, a 16% discount to the company’s last traded price. The acquisition will give JSW sole control of Akzo Nobel India, triggering a mandatory open offer under SEBI rules for an additional 26% stake from public shareholders.

 

The sellers, including Imperial Chemical Industries (which holds 50.46%), have agreed to offload their entire stake. Once the deal closes, JSW Paints could end up holding nearly 100% of the company, subject to open offer outcomes and regulatory approvals.

 

This move positions JSW Paints as a serious challenger in the ₹90,000 crore Indian paints market, where it will now rank among the top four players. Akzo Nobel India, known for its Dulux brand, has been operating in the country for over 70 years but has recently faced pressure from rising competition and a shifting demand landscape.

 

The acquisition is expected to reshape the competitive dynamics of the sector, especially as JSW Paints looks to scale up its consumer and industrial coatings business. The deal is still subject to clearance from the Competition Commission of India.

 

Sources: Moneycontrol, CNBC-TV18, News18