JSW Paints completes acquisition of Akzo Nobel India
NEW DELHI: JSW Paints Limited (JSW Paints) on Thursday acquired a majority stake of 60.76% in Akzo Nobel India Limited from Akzo Nobel N.V. and its affiliates. JSW Paints had already acquired 0.44% stake from the public shareholders of ANIL upon successful completion of an open offer and its stake now stands at 61.2% post today’s acquisition.
This transaction positions JSW Paints as one of the major players in the sector which is expected to see robust growth in the years ahead.
JSW Paints is India’s fastest growing paints company and a part of the $23 billion JSW Group, India’s leading conglomerate with diverse interests across a range of B2B and B2C sectors including steel, cement, energy, infrastructure, automotive and paints. Azko Nobel is one of the 4th largest decorative and industrial paints players and was a part of Akzo Nobel, a decorative paints and industrial coatings company headquartered in the Netherlands.
After the completion of the transaction, Sajjan Jindal. Chairman, JSW Group, said With Dulux (a paint brand from Azko Npbel), JSW Paints is proud to bring global quality to homes and industries across India. He says there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.
“This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. 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,” says Parth Jindal, Managing Director of JSW Paints.
Greg Poux-Guillaume, CEO of AkzoNobel, said: “We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, a strong and committed partner in the region’s fast-growing paints and coatings market.”
Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction. Khaitan & Co. acted as the legal advisor. Deloitte acted as the financial and tax due diligence advisor.