JSW Paints has struck a landmark deal to acquire a 74.7% stake in Akzo Nobel India—best known for its Dulux brand,for roughly ₹8,986 crore (about €1.4 billion / $1.64 billion), making it the fourth-largest paint maker in the country. The acquisition, conducted at a ~17% discount to the stock’s prior price, positions JSW Paints to significantly scale up in India’s competitive paint market, which is currently valued between ₹80,000–90,000 crore .

Akzo Nobel, however, isn’t exiting India entirely—it will retain its industrial coatings and R&D operations including powder coatings and the international research center , and expects net proceeds of about €900 million, part of which will be used to deleverage, along with a planned €400 million share buyback . The deal is expected to close in Q4 2025 .

Market reaction was swift: ANIL shares jumped over 11% on the announcement . Analysts view JSW’s acquisition as offering significant scale and synergies, though caution that integrating Akzo’s operations could be challenging—leaving space for competitors to make inroads in the premium segment .

sources