JSW nears deal to buy 75% stake in Dulux paints maker AkzoNobel India

Sajjan Jindal-promoted JSW Group looks set to acquire a 75 per cent stake in Dulux paints maker AkzoNobel India from its Dutch parent in a deal valued at approximately ₹12,000 crore, according to a person familiar with the matter.

It marks JSW’s latest strategic push into the consumer-facing paints segment, where it is aiming to build scale in a market witnessing heightened competition.

The transaction, set at premium to AkzoNobel India’s Thursday closing total market capitalization of ₹15,857 crore, would give JSW control of the firm.

To fund the acquisition, the Jindal family is planning to offload a 2 per cent stake in JSW Infrastructure and may bring in private equity partners to support the transaction, the person said, requesting anonymity as the discussions are private.

The race to acquire AkzoNobel India became intense last month when shortlisted bidders, including Pidilite Industries and Indigo Paints, submitted binding offers. Earlier rounds also drew non-binding interest from US-based private equity major Blackstone, underscoring the strategic value of AkzoNobel’s India business.

The acquisition of AkzoNobel India will give JSW access to a robust nationwide distribution network and the well-recognised Dulux brand, bolstering its presence in a sector recently disrupted by the entry of Aditya Birla Group and dominated by Asian Paints.

Sajjan Jindal is said to have personally led negotiations for the deal, similar to the group’s earlier high-profile bid for Swiss major Holcim’s stake in Ambuja Cements.

That $7 billion attempt in 2022 was ultimately trumped by Adani Group, which used the acquisition to become India’s second-largest cement producer.

Since then, JSW has pursued an aggressive M&A strategy. Its renewable arm, JSW Neo Energy, is set to close a ₹12,468 crore deal to acquire O2 Power in the current financial year. In March, it completed the ₹16,000 crore acquisition of KSK Energy, which is now being integrated into JSW’s broader energy platform.

The sale of AkzoNobel’s Indian business is expected to be completed by the end of the second quarter of calendar year 2025, according to analysts citing recent management commentary.

AkzoNobel NV has indicated a preference for a full cash transaction.

The paints acquisition is separate from JSW Group’s planned ₹60,000 crore capital expenditure for financial year 2026 (FY26). Of this, ₹15,000 crore is earmarked for its electric vehicle venture, while the balance is being invested in core steel and energy operations.