AkzoNobel Sells Indian Coatings Business to JSW Group in €1.4 Billion Deal

On June 27, 2025, AkzoNobel announced an agreement to sell its stake in AkzoNobel India Ltd. (ANIL) to India’s JSW Group, one of the country’s leading diversified conglomerates. 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, the powder coatings business and India Research Center will remain fully owned by AkzoNobel.

This divestment marks the first step in AkzoNobel’s strategic portfolio review, announced in October 2024, to focus its resources on leading global coatings markets. CEO Greg Poux-Guillaume called the deal a "key milestone in executing our strategy" and expressed confidence in JSW Group's ability to drive growth for the acquired business.

JSW Paints Managing Director Parth Jindal highlighted the acquisition as a major boost to JSW, noting that ANIL’s premium brands like Dulux, International, and Sikkens would strengthen JSW’s position in one of India’s fastest-growing industries.

AkzoNobel expects net proceeds of €900 million, with €500 million earmarked for debt reduction and €400 million allocated to a share buyback program. The deal, involving up to 75% of ANIL's shares, is subject to regulatory approval and is set to close in Q4 2025.