Akzo Nobel N.V. has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL)
to the JSW Group, one of India’s leading diversified conglomerates. The transaction is based on a
total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and
includes AkzoNobel’s liquid paints and coatings business in India, notes a press communique. The
India Powder Coatings business and International Research Center, both currently part of ANIL, will
be retained by AkzoNobel under full ownership.
This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at
focusing the company’s capital and capabilities on leading positions in key global coatings markets.
Greg Poux-Guillaume, CEO of AkzoNobel, said: “This transaction is a significant milestone 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 amongst the fastest growing paint companies. Akzo Nobel 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, 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.”
The net cash proceeds are expected to be approximately €900 million of which around €500 million
will be used for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share
buyback program.
The transaction involves the sale of up to 75% of shares in ANIL, and is subject to customary closing
conditions including regulatory approvals. The transaction is expected to be completed in the fourth
quarter of 2025.