“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” - Greg Poux-Guillaume, CEO, AkzoNobel
July 2025 : Akzo Nobel N.V. has recently announced a definitive agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. This significant transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x. The sale includes AkzoNobel’s liquid paints and coatings business in India. Notably, AkzoNobel will retain full ownership of the India Powder Coatings business and its International Research Center, both currently part of ANIL.
This divestment marks the initial step in AkzoNobel’s strategic portfolio review, which was announced in October 2024. The review aims to concentrate the company’s capital and capabilities on leading positions within key global coatings markets.
Greg Poux-Guillaume, CEO, AkzoNobel, commented on the deal: “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, JSW Paints, expressed enthusiasm for the acquisition: “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 transaction involves the sale of up to 75 percent of shares in ANIL. Net cash proceeds from the sale are expected to be approximately €900 million, with around €500 million earmarked for deleveraging. Following the closing of the transaction, AkzoNobel intends to launch a €400 million share buyback program.
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