AkzoNobel N.V. has completed the sale of AkzoNobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates.
The closing marks a milestone in AkzoNobel’s portfolio review that was announced in October 2024.
The transaction includes AkzoNobel’s liquid paints and coatings business in India.
The India Powder Coatings business and the International Research Center remain under full ownership of AkzoNobel and continue as part of the company’s global network.
The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 25x.
“Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation,” said Greg Poux-Guillaume, CEO of AkzoNobel.
This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market.
Parth Jindal
“We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, an ambitious and committed partner in the region’s fast-growing paints and coatings market.”
Sajjan Jindal, chairman JSW Group added: “I am happy to welcome the AkzoNobel India team to the JSW family.
“We’ve always believed that India deserves paints and coatings that are trusted and world-class.”
“Together, there’s an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India.”
Parth Jindal, managing director of JSW Paints concluded: “This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market.
“Together, along with the AkzoNobel India family – employees, customers and partners – we aspire to build the paint company of the future.”
