The JSW group, led by billionaire Sajjan Jindal, has snapped up a majority stake in the maker of Dulux decorative paints as the $23-billion steel-to-power conglomerate continued its growth journey through big ticket acquisitions, undeterred by recent setbacks over Bhushan Power & Steel Ltd.
Unlisted JSW Paints, set up six years ago, agreed to pay ₹8,986 crore to buy a 74.6 per cent stake in Akzo Nobel India Ltd (ANIL), paving the way for Dutch paint major Akzo’s exit from liquid paints (decorative and industrial) and coating business in India.
Following the transaction, which is subject to customary regulatory clearance from the competition watchdog, JSW also launched a mandatory open offer for a further 25 per cent stake in ANIL for ₹3,417.77 a share. ANIL’s stock jumped 6.96 per cent on the BSE to close at ₹3,414.75, gaining ₹222.15 apiece.
The acquisition of ANIL will rank among one of the top five acquisitions by value by the JSW group, which has grown by leaps and bounds in many segments of core manufacturing industries — steel, power and cement — through aggressive buyout bets.
Over the years, JSW Steel, the flagship business of the group, picked up a number of companies, notably Ispat Industries and BPSL, to cement its place as India’s largest steel maker by domestic capacity.
The BPSL acquisition of ₹19,200 crore, the biggest by value by the JSW group yet, was struck down by the apex court on May 2 due to procedural lapses. The setback, however, clearly did not deter JSW from its ongoing negotiation then for ANIL.
Parth Jindal, managing director of JSW Paints, welcomed the Dulux brand to the JSW fold. “Together, along with the Akzo Nobel India family — employees, customers and partners — we aspire to build the paints company of the future.”
For Dutch major Akzo Nobel, the 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. The India powder coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.
Akzo acquired the Dulux maker when it bought ICI Plc in 2008. ICI India used to be based in Calcutta, operating from its heritage office building on Chowringhee.