AkzoNobel has signed an agreement to sell its shareholding in AkzoNobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates.
The transaction is based on a total enterprise value of approximately €1.4 billion and includes AkzoNobel’s liquid paints and coatings business in India. The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.
This divestment is a first step in the strategic portfolio review announced in October 2024, aimed at focusing the company’s capital and capabilities on leading positions in key global coatings markets.
“This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.” CEO of AkzoNobel, Greg Poux-Guillaume, said.
The net cash proceeds are expected to be approximately €900 million of which around €500 million will be used for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share buyback program.
“Paints & Coatings is one of India’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies,” managing director of JSW Paints, Parth Jindal, added.
The transaction involves the sale of up to 75 per cent of shares in ANIL, and is subject to customary closing conditions including regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2025.