JSW Paints Gets CCI Nod to Acquire Majority 75% Stake in Akzo Nobel India

Mumbai, September 17, 2025: JSW Paints is all set to strengthen its standing among the top names in the Indian paint industry. To this effect, the company has submitted a proposal to the Competition Commission of India (CCI) about the intent of acquiring 75% shareholding in Akzo Nobel India Ltd (ANIL). The regulatory body has approved the deal valued at approximately ₹12,915 crore, including a share-purchase agreement and the subsequent open offer for public shareholders.

Details of the Transaction

Back in June, JSW Paints had announced its plan of purchasing a 74.76% stake in ANIL from its Dutch parent company for about ₹8,986 crore. Apart from this, the company strategically collaborated with its group entities JTPM Metal Traders and JSW EduInfra to make an open offer of acquiring the remaining 25.24% from public shareholders. The proposed valuation could be about ₹3,929.06 crore.

Implications for Market Position

Once the acquisition is complete, JSW Paints will move up to become the fourth-largest player in the Indian paint industry. The sector is currently led by Asian Paints, Berger Paints, and Kansai Nerolac. Akzo Nobel India reported revenues of about ₹4,091.21 crore in FY25, which adds significant scale to JSW’s paint business.

Strategy & Exclusions

Akzo Nobel will retain ownership of its India Powder Coatings business and its International Research Centre, both currently part of ANIL. These units will remain with the Dutch parent under full control. JSW’s acquisition focuses on decorative and industrial paint operations of ANIL.

Funding & Growth Horizon

JSW Paints entered the decorative segment in 2019, and this deal is a major expansion of its footprint. Industry observers expect increased competition, scale benefits, and potential margin improvements as JSW integrates Akzo Nobel’s operations. At the same time, raw material costs and market demand will play important roles in determining the deal’s success.

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