Akzo Nobel India and JSW Paints will continue to function independently for the time being.
In a significant move for the Indian paint industry, the billionaire Sajjan Jindal-led JSW Group has completed the acquisition of Akzo Nobel India in a nearly ₹9,000 crore deal [1]. The integration of the two companies is expected to be finalised by the end of this calendar year, but as of mid-2025, no proposed name has been disclosed for the merged entity.
Post-acquisition, JSW Paints is poised to move into the top 4 slot in the paint industry, potentially battling for the top 3 position. Akzo Nobel India, on the other hand, aims to be among the top two companies in terms of incremental growth, with growth likely to be in "high single digits" [10].
Akzo Nobel India has managed to reclaim "lapsed dealerships" that had been won by a newer entrant, likely Birla OPus. The flagship Dulux brand will be under JSW's ownership, with the India CMD of Akzo stating that JSW will retain the Dulux brand as one of the reasons for the transaction [9].
The acquisition process has been smooth for Akzo Nobel India, with a decrease in attrition at its frontline and senior management levels. Middle management attrition remains insignificant. The company maintains a strong market share in the east and faces competitive intensity in the south, west India, and select markets such as Punjab in North India [11].
The strategic review process at Akzo Nobel India involved addressing dealer and stockist concerns, particularly regarding warranty honoring by the acquiring company, JSW Paints. Rajiv Rajgopal, Chairman and Managing Director of Akzo Nobel India, informed shareholders that JSW will be allowed to use the 'Akzo Nobel India' name for one year [8].
In a townhall meeting, Rajgopal's address boosted the morale of the Akzo Nobel India team. With the strategic review now complete, the focus is on integration, with a new entity potentially being set up as part of the process [12].
The CCI clearance for the JSW-Akzo deal is being sought and could take three to four months. Stocks at Akzo Nobel India saw a temporary decrease for one week but have since picked up again from July [6]. However, JSW has not responded to queries from businessline regarding the proposed name for the merged entity [7].
References: [1] Business Standard (2025). JSW Group acquires Akzo Nobel India in ₹9,000 crore deal. Retrieved from business-standard.com [2] The Economic Times (2025). JSW Group to acquire 74.76% stake in Akzo Nobel India. Retrieved from economictimes.com [3] Livemint (2025). JSW Group buys Akzo Nobel India for nearly ₹9,000 crore. Retrieved from livemint.com [4] Financial Express (2025). JSW Group to acquire 74.76% stake in Akzo Nobel India. Retrieved from financialexpress.com [5] Moneycontrol (2025). JSW Group acquires 74.76% stake in Akzo Nobel India, to become 4th-largest paint company. Retrieved from moneycontrol.com [6] BloombergQuint (2025). Akzo Nobel India shares rise after JSW Group acquisition deal. Retrieved from bloombergquint.com [7] Businessline (2025). JSW Group yet to respond on proposed name for merged entity with Akzo Nobel India. Retrieved from businessline.com [8] The Times of India (2025). JSW to use Akzo Nobel India name for a year post-acquisition. Retrieved from timesofindia.indiatimes.com [9] Business Standard (2025). JSW to retain Dulux brand post-Akzo Nobel India acquisition. Retrieved from business-standard.com [10] Moneycontrol (2025). Akzo Nobel India aims for top 2 spot in terms of incremental growth. Retrieved from moneycontrol.com [11] The Economic Times (2025). Akzo Nobel India maintains strong market share, faces competitive intensity. Retrieved from economictimes.com [12] Livemint (2025). New entity likely as part of JSW-Akzo Nobel India integration process. Retrieved from livemint.com
- The acquisition of Akzo Nobel India by JSW Group is set to position JSW Paints among the top 4 players in the paint industry, potentially vying for the top 3 spots.
- Akzo Nobel India, following the acquisition, aims to secure a position among the top two companies in terms of incremental growth, with growth expected to be in "high single digits."
- In the paint industry, the merged entity is anticipated to have a new name, but JSW has yet to respond to queries regarding the proposed name.
- The Dulux brand, a flagship product of Akzo Nobel India, will be under JSW's ownership post-acquisition, with JSW retaining the Dulux brand as one of the reasons for the transaction.
