AkzoNobel to Sell AkzoNobel India to JSW Group

AkzoNobel has signed an agreement to sell its shareholding in AkzoNobel to the JSW Group, one of India’s leading diversified conglomerates.

AkzoNobel Headquarters in Amsterdam
© AkzoNobel

The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel’s liquid paints and coatings business in India. The India Powder Coatings business and International Research Center, both currently part of AkzoNobel India, 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.  

Greg Poux-Guillaume, CEO of AkzoNobel, said: “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.”

Parth Jindal, Managing Director of JSW Paints, added: “Paints & Coatings is one of India’s fastest growing sectors and JSW Paints is amongst the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”  

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.

The transaction involves the sale of up to 75% of shares in AkzoNobel India and is subject to customary closing conditions, including regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2025.

Company

Logo:

AkzoNobel

Christian Neefestraat 2
1077 WW Amsterdam
Netherlands

Company contact







Virtual Event

Digitalization in the Chemical Industry
CHEManager Spotlight

Digitalization in the Chemical Industry

Save the Date: October 22, 2025
The event will be promoted to a combined audience of over 100,000 professionals across Europe through the CHEManager and CITplus networks.

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.

most read

Photo
21.03.2025 • News

What’s Next for Pharma Supply Chains?

Sudden shifts in demand, supply shortages and global collapse have put immense pressure on pharmaceutical logistics. To address these challenges, PHARMAP 2025 brings together industry experts to discover AI-driven supply chain optimisation, strategic logistics partnerships and digital solutions that enhance efficiency and resilience in the pharmaceutical supply chain.