JSW Group Close to Acquiring 75% Stake in AkzoNobel India

According to news reports, Sajjan Jindal-led JSW Group is close to acquiring a 75% stake in AkzoNobel India, the maker of Dulux paints, from its Dutch parent. The deal, estimated at around ₹12,000 crore, positions JSW to expand in the fast-growing decorative paints segment and gain a foothold in a sector traditionally dominated by strong incumbents.

JSW’s Entry into the Paints Sector

The acquisition marks JSW’s latest push into the consumer-facing segment. The transaction is being structured at a premium to AkzoNobel India’s Thursday closing market capitalisation of ₹15,857 crore and will provide JSW control of the Indian unit. This move will significantly enhance JSW’s presence in the paints market, which has recently witnessed increased competition following the Aditya Birla Group’s entry.

To fund the acquisition, the Jindal family is planning to offload a 2% stake in JSW Infrastructure and may bring in private equity partners to support the transaction. The source of this information requested anonymity due to the private nature of the discussions. Interest in acquiring AkzoNobel India intensified last month when shortlisted bidders, including Pidilite Industries and Indigo Paints, submitted binding offers. Prior rounds saw non-binding interest from US-based private equity major Blackstone, highlighting the strategic appeal of AkzoNobel’s operations in India.

Broader Strategy and M&A Momentum

The acquisition gives JSW access to a robust distribution network and the well-recognised Dulux brand, providing a solid platform for its expansion in the consumer segment. Sajjan Jindal is said to have personally led negotiations, similar to his involvement in JSW’s high-profile bid for Holcim’s stake in Ambuja Cements in 2022. That $7 billion bid, however, was ultimately won by the Adani Group.

Since then, JSW has ramped up its mergers and acquisitions strategy. Its renewable energy arm, JSW Neo Energy, is on course to close a ₹12,468 crore acquisition of O2 Power in the current financial year. In March, JSW finalised the ₹16,000 crore acquisition of KSK Energy, which is now being integrated into its broader energy platform.

Read More: Cochin Shipyard, Page Industries to JSW Energy: 6 Companies That Declared Dividends Up to ₹200 Per Share

Conclusion

JSW Group’s acquisition of AkzoNobel India aligns with its broader goal of strengthening its position across diverse sectors. While the ₹12,000 crore deal adds momentum to its M&A activity, it remains separate from the group’s planned ₹60,000 crore capital expenditure for FY26-₹15,000 crore, of which is earmarked for its electric vehicle initiative, with the rest directed towards its core steel and energy businesses.

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