JSW Paints acquires Dulux-maker AkzoNobel India for Rs 8,986 crore
MUMBAI: JSW Paints, part of the diversified JSW Group, has signed a definitive agreement to acquire up to 74.76% stake in the larger rival and the Dulux-maker Akzo Nobel India for Rs 8,986 crore, marking one of the largest deals in the around Rs 90,000 crore domestic paints sector. The deal also involves an open offer and will pay the way the Dutch company to completely exit the country.
The acquisition will make JSW Paints, which has not yet been able to make a clear mark in the paints segment even after six years, a major player in the decorative and industrial coatings space, subject to regulatory approvals and a mandatory open offer.
Akzo Nobel India, the owner of Dulux, is part of Akzo Nobel NV and its affiliates. The group, in an exchange filing on June 27, said that the maximum consideration under the Share Purchase Agreement is up to ₹8,986 crore, subject to certain closing adjustments.
The transaction is subject to approval from the Competition Commission and the completion of a mandatory tender offer to the public shareholders of the company.
The deal was in the making for a few years now and is part of the Amsterdam, the Netherlands-based company's global recast and had many bids from a consortium of Advent International and Indigo Paints, and Fevicol maker Pidilite Industries.
JSW will acquire 74.76% stake from the Dutch promoters/holding entities-- Imperial Chemical Industries and Akzo Nobel Coatings International BV, JSW said on Friday.
On completion of the Akzo's Dutch promoter group, which together held 74.76% shareholding in the local unit here, exits the domestic decorative paints market, which is witnessing disruption with entry of new players as Aditya Birla Group.
The deal will help JSW group expand its play into the paint segment, which it entered into in 2019 and is a relatively new player establishing its base in the industry.
JSW Paints managing director Parth Jindal said paints and coatings is one of the fastest-growing sectors. "Akzo Nobel India is home to some of the most globally renowned brands of paints & coatings like Dulux, International and Sikkens.'
AkzoNobel chief executive Greg Poux-Guillaume 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.'
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