JSW Paints Set to Acquire Akzo Nobel India in $1.1 Billion Deal

May 27, 2025

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In a significant move within India’s paints and coatings industry, JSW Paints is reportedly finalizing a $1.1 billion (₹10,000 crore) acquisition of Akzo Nobel India, the Indian subsidiary of the Dutch multinational AkzoNobel. If completed, this will mark one of the largest M&A deals in the Indian consumer goods sector in recent times, positioning JSW Paints as a formidable challenger to market leaders like Asian Paints and Berger Paints.

Strategic Expansion by JSW Paints

JSW Paints, part of the diversified JSW Group, has been aiming to scale its presence in the competitive decorative and industrial paints market. Acquiring Akzo Nobel India would grant JSW immediate access to a strong portfolio of premium brands, including Dulux, as well as a well-established distribution and manufacturing network.

Akzo Nobel India has a legacy of over 60 years in the country and is known for its strong brand equity in decorative paints. The potential acquisition would provide JSW with the scale and brand strength it needs to grow beyond its current 3% market share and compete with incumbents more aggressively.

A Consolidating Paints Market in India

India’s paints industry, valued at ₹62,000 crore (~$7.4 billion), is growing at a healthy CAGR of 10-12%, driven by real estate development, infrastructure growth, and rising consumer aspirations. The industry is dominated by a few players, with Asian Paints leading with over 50% market share. JSW’s proposed acquisition of Akzo Nobel India is expected to bring further consolidation to the sector, fostering stronger competition and greater innovation.

Additionally, Akzo Nobel’s operational efficiency and global know-how could enhance JSW’s capabilities in both decorative and industrial segments.

The JSW-Akzo Nobel India acquisition, if finalized, will not only reshape the competitive dynamics of India’s paint industry but also mark JSW Paints’ transition from a niche player to a major contender. With a strong brand portfolio, advanced R&D, and enhanced market reach, JSW is strategically positioning itself for long-term growth in one of India’s most vibrant consumer markets.