JSW Paints Acquires AkzoNobel India

In the largest acquisition in the Indian coating industry until now, JSW Paints acquired a majority stake in Dutch paint major AkzoNobel India in the last week of June 2025. The acquisition is expected to change the dynamics and pecking order in the Indian coating industry in a major way. 

Coatings World accesses the ground situation post this big-ticket acquisition in this feature. 

JSW Paints Acquires AkzoNobel India

The $10 billion Indian coatings industry saw its biggest acquisition up until now, when JSW Paints acquired a majority stake in AkzoNobel India from its parent company. 

JSW Paints agreed to acquire AkzoNobel’s Indian arm for approximately $1.64 billion (INR 140.36 billion), including debt. The acquisition includes a 74.76% stake for $1.05 billion (INR 89.86 billion), with an open offer for the remaining 25%. 

However, the company’s powder coatings business and international research center, both part of AzkoNobel India, will be retained by Akzo Nobel under full ownership.

In October 2024, Akzo Nobel NV had announced a strategic review of its portfolio in South Asia and said it was looking for strategic options, including partnerships, joint ventures, mergers or divestments. 

Greg Poux-Guillaume, CEO of AkzoNobel, said at the time of the acquisition: “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.”

JSW Paints

JSW Paints, a relative newcomer in the Indian paint industry, is one of India’s fastest-growing paint companies, with a diverse range of offerings in decorative and industrial segments. Launched in 2019, JSW Paints has two manufacturing facilities in the state of Maharashtra and Karnataka. The company registered total sales revenue of more than $235 million (INR 20 billion) in the 2023-24
financial year. 

AkzoNobel India’s consolidated revenue from operations amounted to $481 million (INR 40.91 billion) in the 2024-25 financial year, a growth of 3.3% on year-on-year basis. 

JSW Paints is 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, and automotive, in addition to coating products. 

“Paints and coatings is one of India’s fastest growing sectors, and JSW Paints is amongst the fastest growing paint companies,” said Parth Jindal, managing director, of the acquiring company JSW Paints. “Akzo Nobel India is home to some of the most globally renowned brands of paints and coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders.”

Impact on the Indian Coating Industry

The Indian paint industry is going through a major transformation. Known as “domain of big four” for the last two decades, the Indian coating industry has long been dominated by four major paint producers: Asian Paints, Berger Paints, Kansai Nerolac and AkzoNobel India. 

However, during the last three years, a few new players, including JSW Paints, Pidilite Industries and Birla Opus, have joined the fray, intensifying the competition in the industry. Along with the new players, existing mid-sized paint producers such as Indigo and Shalimar Paints have made significant investments towards capacity and capability expansions. 

AkzoNobel India’s acquisition and the expansions by existing coating producers are expected to change the composition of the Indian paint industry in the coming years. 

AkzoNobel India’s acquisition by JSW Paints will catapult it among the four largest coating producers in India. India’s architectural paint segment would see major changes in the coming years on account of this acquisition, as AkzoNobel India has a very strong footprint in the architectural segment.

The Dutch company’s Indian arm holds a leading position in the Indian premium architectural segment and is renowned for its higher-end decorative paints, including emulsions and wall coatings through its brands such as Dulux Velvet Touch, Dulux Weathershield, Dulux Aquatech, Sadolin and
Dulux Promise. 

Competition in the architectural coating industry is also expected to intensify in the short and medium term, considering the entry of several new entrants with large capacities, aggressive marketing and pricing strategies adopted by
these companies. 

Currently, the architectural segment accounts for nearly 72% of the nearly $10 billion Indian paint industry, while the industrial segment accounts for 28% of the total consumption. 

Competition is intensifying among established players, new entrants, and the unorganized sector. 

Abhijit Roy, CEO of Berger Paints, India’s second largest paint producer in sales revenue, said after the transaction, “The acquisition of AkzoNobel India by JSW Paints is not likely to disrupt the Indian industry in a major way. Both these companies have been operating in India for some years. The recent transaction is merely a change of hands and management style. This acquisition will consolidate the market in favor of larger players. And the number one and two positions within paints will be intact, though competition may grow for the third, fourth and fifth slots.” 

Asian Paints and Berger Paints are placed first and second in the Indian paint industry. Kansai Nerolac, JSW-Akzo and Birla Opus are ranked third, fourth and fifth, respectively.

A senior executive from the marketing division of Kansai Nerolac told CW on the condition of anonymity, “It would be too early to comment on how AkzoNobel India’s acquisition by JSW Paints will change the dynamics of the Indian paint industry. But, one thing is very evident: JSW Paints and Birla Opus have multiple advantages of deep financial pockets of their parent companies, involvement of their parent companies in construction materials segment, and extensive dealer and distributor network. These factors provide these companies a unique competitive strength, not enjoyed by their competitors.” 

Coatings World visited three paint market retail clusters (Mangol Puri, Rajori Garden and Okhla) in New Delhi for channel checks. Our interaction with paint wholesalers and dealers revealed, Asian Paints dominates the architectural segment in a major way, driven by a strong network of painters, established brand, and an efficient supply chain. However, new entrants like Birla Opus and JSW Paints are gaining traction through attractive schemes for painters and steep discounts to customers.