JSW Paints Limited (JSW Paints) today acquired a majority stake of 60.76% in Akzo Nobel India Limited (ANIL) 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.
Sajjan Jindal, Chairman, JSW Group, said “I am happy to welcome the AkzoNobel India team to the JSW Family. We have always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”
Parth Jindal, Managing Director, JSW Paints, said “We are delighted to welcome Akzo Nobel India into the JSW family. 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.”
Greg Poux-Guillaume, CEO, Akzo Nobel, said, “Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. 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.
