AkzoNobel Completes Sale of AkzoNobel India Limited to JSW Group

AkzoNobel has completed the sale of AkzoNobel India Limited (ANIL) to JSW Group, one of India’s leading diversified conglomerates. The transaction marks a significant milestone in the strategic portfolio review announced by AkzoNobel in October 2024.

The transaction covers AkzoNobel’s liquid coatings business in India. Its powder coatings operations and International R&D Center in India remain fully owned by AkzoNobel and will continue to operate as part of its global network. The deal carries an enterprise value of approximately €1.4 billion, equivalent to an EV/EBITDA multiple of around 25 times.

AkzoNobel CEO Greg Poux-Guillaume said: “Completing this transaction is an important step toward sharpening our strategic focus and creating long-term value. We thank our colleagues in India for their many contributions and are pleased to see the business transition smoothly to JSW, a dynamic and ambitious partner in India’s rapidly growing coatings market.”

JSW Group Chairman Sajjan Jindal said: “We are delighted to welcome the AkzoNobel India team to the JSW family. India deserves trusted, world-class coatings, and we are honored to collaborate with Dulux to bring global-quality products to homes and industries across the country. Together, we aim to build a stronger, brighter, and more vibrant future.”

Parth Jindal, Managing Director of JSW Paints, added: “Welcoming AkzoNobel India marks a historic moment and represents one of the largest acquisitions in India’s coatings sector. We look forward to working with its employees, customers, and partners to build a future-ready coatings company. With Dulux’s outstanding quality and JSW Paints’ craftsmanship, we aim to delight customers and create long-lasting value for all stakeholders.”