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United News of India
42 minutes ago
- Business
- United News of India
JSW Paints acquires Akzo Nobel India's paint business for Rs 12,915 Cr
Mumbai, June 28 (UNI) JSW Paints has officially announced that it will acquire Akzo Nobel's India paint business in a Rs 12,915 crore transaction which was executed with support from Morgan Stanley as the exclusive financial adviser to JSW Paints. Khaitan & Company provided legal advisory services, while Deloitte conducted financial and tax due diligence to execute the deal. According to a company press release, JSW Paints will acquire a 74.76 percent stake in Akzo Nobel India which makes Dulux brand of paints for Rs 8,986 crore, which will be followed by an open market offer to an additional 25 percent stake valued at Rs 3,929.06 crore. "JSW Paints entered into definitive agreements to acquire up to 74.76 percent stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore," according to a company press release here today. JSW Paints Managing Director Parth Jindal said, "Paints is one of India's fastest growing sectors. JSW Paints is among the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints and coatings like Dulux, International and Sikkens. We are delighted to incorporate them into the JSW family. In collaboration with the Akzo Nobel India team, including staff, clients and associates, we aim to establish the next generation paint organisation." AkzoNobel CEO Greg Poux-Guillaume said, "This transaction is a significant milestone in the execution of our strategy. AkzoNobel India has consistently been a strong performer. 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." UNI XC SS
India.com
an hour ago
- Business
- India.com
Dulux paints sold! This Indian company signs Rs 89860000000 deal to buy major stake at…, becomes fourth largest paint company in India with market value of Rs…
JSW Paints, the paint company owned by the Jindal Group, has announced that it will buy a 74.7 per cent stake in the Indian unit of Akzo Nobel, the company known for selling paints under the Dulux brand in India. The deal is worth Rs. 8,986 crore. With this deal, JSW Paints has now become the fourth largest paint company in India's Rs. 80,000 to 90,000 crore paint market. Following the purchase, JSW will also be required to make an open offer to buy another 26 per cent of the company's shares from public investors, as per Indian market rules. Other bidders in the race This deal had been in discussion for some time, and JSW Paints was not the only company interested in buying Dulux. Other companies in the race included Indigo Paints and a group led by Advent International and Pidilite Industries. But under the leadership of Parth Jindal, JSW Paints managed to outbid them all. Akzo Nobel's Dutch parent company is selling its stake through two promoter entities: Imperial Chemical Industries Ltd., which holds 50.46 per cent of Akzo Nobel India Akzo Nobel Coatings International B.V., which owns another 24.30 per cent Together, these two firms are selling a combined 74.7 per cent stake to JSW Paints. JSW Paints shares future plans, aims to build a stronger brand JSW Paints Managing Director Parth Jindal has shared his excitement about the company's latest move. Talking about the recent deal to acquire Akzo Nobel India (makers of Dulux paints), he said, 'We are happy to welcome this new company into the JSW family. By working together with their employees, customers, and partners, we want to build the paint company of the future.' JSW Paints chasing a Spot in the Top 3 Since its launch, JSW Paints has struggled to break into the top 3 brands in the decorative paints market. Meanwhile, Birla Opus, the new paint brand from Grasim Industries, has made fast progress, capturing 3 to 4 per cent market share in just one quarter. JSW Paints not listed on the stock market It's important to note that JSW Paints is not a publicly listed company. However, it belongs to the larger JSW Group, whose major firms like JSW Steel and JSW Energy are already listed on the stock exchange. With the acquisition of a well-known brand like Dulux, JSW Paints is clearly aiming to expand its reach and strengthen its place in India's growing paint industry.
Time of India
14 hours ago
- Business
- Time of India
JSW to buy Dulux paints biz for Rs 9,000 crore
MUMBAI: JSW Paints will acquire about 75% stake in Dulux-owner Akzo Nobel's India unit for Rs 9,407 crore ($1.1 billion) - marking the country's biggest deal in the sector amid growing competition. The acquisition will position JSW Paints, established by steel tycoon Sajjan Jindal in 2019, as the fourth largest player in the industry dominated by Asian Paints, Berger Paints, and Kansai Nerolac. The industry saw a new entrant in 2024 when Aditya Birla Group launched Birla Opus. JSW Paints plans to acquire an additional 25% stake from Akzo Nobel India's public shareholders through an open offer for Rs 3,929 crore, in accordance with Indian takeover regulations. Public shareholders will receive Rs 3,418 per share in the open offer, while the Dutch firm will receive Rs 2,762 per share from JSW Paints. JSW Paints will purchase the required number of shares from the Dutch company to maintain a 75% ownership in Akzo Nobel India, based on the response to the open offer. Upon the deal's completion, JSW Paints, a part of the $23-billion JSW Group, will become Akzo Nobel India's promoter, with the Dutch firm potentially retaining public shareholder status. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Akzo Nobel India's shares ended at Rs 3,405 per share on the BSE on Friday, up nearly 7%. "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," said Parth Jindal, MD of JSW Paints and son of Sajjan Jindal. Akzo Nobel, ranked fourth globally in paint manufacturing by market value after PPG, Nippon Paint, and Sherwin-Williams, owns stakes in Akzo Nobel India through Imperial Chemicals (50.5%) and Akzo Nobel Coatings (24.3%). Akzo Nobel entered India in 2008 by acquiring the British company Imperial Chemical Industries. Following an assessment of its South Asia operations in 2024, it decided to divest its decorative paints business in India to streamline expenses and strengthen its core coating operations. The company will, however, continue to operate its powder coatings business and research centre in India. Akzo Nobel CEO Greg Poux-Guillaume said: "This transaction is a significant milestone in the execution of our strategy. Akzo Nobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success." In a regulatory filing, Akzo Nobel India said post-deal, the Dutch company will execute certain corporate brand and intellectual property licensing agreements with it. Akzo Nobel owns well-known brands like Dulux, Sikkens, International and Interpon. Amsterdam-based Akzo Nobel is likely to receive 900 million euros in net cash proceeds. It plans to use around 500 million euros to reduce debt and launch a 400-million-euro-share buyback programme. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
a day ago
- Business
- Time of India
JSW Paints to acquire Akzo Nobel India in Rs 8,986-crore deal
JSW Paints, part of USD 23 billion JSW Group , on Friday said it will acquire majority controlling stake in Akzo Nobel India Ltd (ANIL), the maker of Dulux paints , for Rs 8,986 crore. It will acquire 74.76 per cent stake from its Dutch promoters/holding entities -- namely Imperial Chemical Industries and Akzo Nobel Coatings International BV -- for a consideration of Rs 8,986 crore, according to a statement from the JSW Group firm. "JSW Paints today (Friday) entered into definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, for a maximum consideration under the share purchase agreement of up to Rs 8,986 crore," it said. With this transaction, ANIL's Dutch promoters group, which together held 74.76 per cent shareholding in the company, has exited the Indian decorative paints market , which is witnessing disruption with entry of new players as Aditya Birla Group. The deal is subject to certain closing adjustments and regulatory approvals from the Competition Commission of India (CCI) and the completion of a mandatory open offer to the public shareholders of ANIL. 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. "This transformative acquisition positions JSW Paints as one of the major players in the sector, which is expected to see robust growth in the years ahead," it said. JSW Paints Managing Director Parth Jindal said Paints & Coatings is one of India's fastest-growing sectors and JSW Paints is among 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," he said. AkzoNobel CEO 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. 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." Morgan Stanley acted as the exclusive financial advisor to JSW Paints on this transaction, while Khaitan & Co. acted as the legal advisor and Deloitte as the financial and tax due diligence advisor. In October last year, Akzo Nobel NV announced a strategic review of its portfolio in South Asia and is looking for strategic options, including partnerships, joint ventures, mergers or divestments. This is to deploy capital towards expanding its core coatings business. Akzo Nobel India has a presence in a wide range of paints and coatings segments spanning from decorative paints; automotive and speciality coatings; industrial coatings; marine, protective and yacht coatings to powder coatings. Its revenue from operations in FY25 was Rs 4,091.21 crore. Earlier on February 25, ANIL has said it will transfer its Powder Coatings business and International Research Centre (R&D) to its Dutch parent firm Akzo Nobel NV in a Rs 2,143-crore intergroup deal. AkzoNobel India had acquired "intellectual property rights" of Akzo Nobel Coatings International BV for its decorative paints business in India, Bangladesh, Bhutan, and Nepal for a consideration of Rs 1,152 crore. The Indian paint industry is dominated by players such as Asian Paints, Berger, Kansai Nerolaca, and AkzoNobel India. In last 5-6 years, several new players have entered this market, including Pidilite with Haisha Paints, Grasim with its Birla Opus, and JSW Paints. Besides, pipes and fittings manufacturer Astral acquired Gem Paints and JK Cements entered by acquiring Acro Paints asking its entry into the paint sector. In its latest annual report, Akzo Nobel India, citing the data of the Indian Paints Association, said the paints & coatings industry in the country is estimated to be USD 8.5 billion in value and 6.3 million MTPA by volume.
Mint
a day ago
- Business
- Mint
JSW Paints to acquire Akzo Nobel India in ₹9,000 crore deal
Mumbai: JSW Paints said Friday it will acquire a 74.76% stake in Akzo Nobel India Ltd. from its Dutch parent Akzo Nobel N.V. and its affiliate, in a deal valued at nearly ₹ 9,000 crore. The acquisition, subject to regulatory approvals and a mandatory open offer to minority shareholders, will bring established brands like Dulux and Sikkens under the JSW umbrella. The transaction marks a significant consolidation in India's paints market, historically dominated by a handful of players. With this deal, JSW Paints is positioning itself as a serious contender behind Asian Paints and the recently aggressive Birla Opus, which has quickly scaled up to become the second-largest by capacity. 'We are excited to welcome them to the JSW family,' said Parth Jindal, managing director of JSW Paints. 'With the magic of Dulux and thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.' Shares of Akzo Nobel India jumped more than 8% as of 11:30am (India time) on Friday, trading at ₹ 3,455.90 on the BSE. The transaction is priced at an estimated ₹ 2,639.4 per share, a 17.32% discount to Thursday's closing price, as per Mint calculations. 'This transaction is a significant milestone in the execution of our strategy. 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,' said AkzoNobel CEO Greg Poux-Guillaume. The Dutch paints maker had flagged a possible exit from India in October 2023, when it launched a strategic review of its local operations. The entry of JSW marks the second major foray by a domestic conglomerate into the Indian paints market in recent years. Until recently, the sector was led by Asian Paints, followed by Berger Paints, Kansai Nerolac and Akzo Nobel. That hierarchy has since been upended, with Birla Opus emerging as a formidable rival, and JSW now eyeing a top-four position. JSW Paints was launched in 2019 and is part of the $23 billion JSW Group. Its portfolio spans decorative and industrial paints. India's decorative and industrial paints market is projected to reach $15.04 billion by 2029, growing at a compound annual rate of 9.38% from 2024, according to an ICICI Direct report. As demand spreads beyond metro markets, competition in the sector has intensified. JSW was not the only contender. Pidilite Industries and Indigo Paints were also in the running to acquire Akzo Nobel India. Indigo, a more recent entrant that has broken into the top tier of the sector, is also vying for a top-four spot.
