AkzoNobel Sells India Business to JSW Group in €1.4 Billion Deal

June 27, 2025: AkzoNobel has signed an agreement to sell its stake in AkzoNobel India Ltd (ANIL) to India’s JSW Group, a leading diversified conglomerate. The transaction is valued at approximately €1.4 billion, representing a 22x enterprise value-to-EBITDA multiple, and includes AkzoNobel’s liquid coatings operations in India. However, AkzoNobel will retain full ownership of its powder coatings business and international research center in the country.

This divestment marks the first step in AkzoNobel’s 2024 strategic portfolio review, aimed at focusing resources on strengthening its leadership in key global coatings markets.

Greg Poux-Guillaume, AkzoNobel CEO, stated: "This transaction is a significant milestone in executing our strategy. The strong performance of AkzoNobel India reflects the efforts of its exceptional team and iconic brands. We believe JSW Group, with its deep understanding of the local market, will continue driving the business forward."

Parth Jindal, Managing Director of JSW Paints, added: "Coatings is one of India’s fastest-growing sectors, and JSW Paints is among the industry’s most dynamic players. AkzoNobel India, with premium brands like Dulux, International, and Sikkens, will enhance our portfolio. We are excited to welcome its employees and partners into the JSW family to shape the future of coatings."

AkzoNobel expects the deal to generate €900 million in net cash proceeds, of which €500 million will be used to reduce debt. Following the transaction, AkzoNobel plans to launch a €400 million share buyback program.

The deal involves the sale of up to 75% of AkzoNobel India Ltd, pending regulatory approvals and customary closing conditions. Completion is anticipated in the fourth quarter of 2025.