AkzoNobel to sell AkzoNobel India to JSW Group

(AKZA; AKZOY)

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. 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.  

This is a public announcement by Akzo Nobel N.V. pursuant to section 17 paragraph 1 of the European Market Abuse Regulation (596/2014).

About AkzoNobel 

Since 1792, we’ve been supplying the innovative paints and coatings that help to color people’s lives and protect what matters most. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and use our expertise to sustain and enhance everyday life. Because we believe every surface is an opportunity. It’s what you’d expect from a pioneering and long-established paints company that’s dedicated to providing more sustainable solutions and preserving the best of what we have today – while creating an even better tomorrow. Let’s paint the future together. 

About JSW Group

The US$23 billion JSW Group is one of India’s fastest-growing conglomerates, with diversified businesses across sectors including steel, energy, infrastructure, cement, paints, defence, automobiles, e-commerce, sports, real estate, and venture capital. Over the past three decades, JSW Steel — the Group’s flagship company — has grown from a single manufacturing unit into India’s leading integrated steel producer, with a consolidated crude steel capacity of 35.7 MTPA, including 1.5 MTPA in the US. Its domestic crude steel capacity stands at 34.2 MTPA, of which 5 MTPA is currently under commissioning. The next phase of expansion will increase consolidated capacity to 43.5 MTPA over the next three years.