AkzoNobel has confirmed the completion of the sale of AkzoNobel India Limited to the JSW Group.
The transaction covers the paint group’s liquid paints and coatings business in India. Its India Powder Coatings division and International Research Centre will remain fully under AkzoNobel ownership and continue operating as part of the firm’s global network.
The sale marks a part of the strategic review announced in October 2024. The deal is based on an enterprise value of approximately €1.4bn, equating to an EBITDA multiple of 25.
Greg Poux-Guillaume, CEO of AkzoNobel, explains the divestment strengthens the company’s long-term focus: “We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, an ambitious and committed partner in the region’s fast-growing paints and coatings market.”
JSW group chairman Sajjan Jindal welcomes the acquisition as a significant milestone: “I am happy to welcome the AkzoNobel India team to the JSW family. We’ve always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we’re proud to bring global quality to homes and industries across India. Together, there’s an incredible opportunity here to build a stronger, brighter, and more colourful future for our customers and for India.”
The managing director of JSW Paints, Parth Jindal, describes the deal as one of the most significant in India’s paints and coatings landscape, and adds: “Together, along with the AkzoNobel India family – employees, customers, and partners – we aspire to build the paint company of the future. With the magic of Dulux and the thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”
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