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Akzo Nobel to divest majority stake in Indian subsidiary to JSW Group
Akzo Nobel is selling up to 75 % of its shares in Akzo Nobel India to JSW Group for an enterprise value of around EUR 1.4 billion. The transaction marks the first step in a strategic portfolio review aimed at sharpening the company’s focus on key global coatings markets.
Akzo Nobel has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s largest industrial conglomerates. The deal, valued at approximately EUR 1.4 billion, includes Akzo Nobel’s liquid paints and coatings business in India. The company will retain full ownership of its India-based Powder Coatings activities and the International Research Centre.
This divestment is the first major step following Akzo Nobel’s portfolio review announced in October 2024. The objective is to allocate capital and capabilities more effectively to core markets where the company holds strong global positions. CEO Greg Poux-Guillaume called the transaction “a significant milestone” in the execution of the company’s strategy.
JSW expands position in high-growth coatings sector
Parth Jindal, Managing Director of JSW Paints, highlighted the growth potential of the Indian paints and coatings market. He emphasised that globally recognised brands such as Dulux, International and Sikkens would be valuable additions to JSW’s portfolio. The acquisition is intended to create a future-oriented coatings business built on both JSW’s local knowledge and Akzo Nobel India’s established market presence.
Akzo Nobel expects net cash proceeds of around EUR 900 million, with approximately EUR 500 million to be used for deleveraging. The company also plans to launch a EUR 400 million share buyback programme following completion of the transaction, which is subject to customary regulatory approvals and expected to close in the fourth quarter of 2025.
