May 20, 2025 – The Indian paints market is abuzz with a significant development as JSW Paints has unveiled plans to acquire a 75% stake in AkzoNobel India for a staggering INR 120 billion (approximately USD 1 billion), marking a major consolidation move in the country’s paints sector. If the deal sails through smoothly, AkzoNobel India could see a new leadership team by the end of June, propelling JSW Paints to the fourth spot in the Indian paints market and diversifying JSW Group’s consumer goods portfolio beyond steel and cement.
According to insights from Color Masterbatch Industry Network, this acquisition not only signals a potential partial or complete exit for Dutch paints giant AkzoNobel from the Indian market but also underscores JSW Paints’ ambitious growth strategy in the region. Currently, JSW Paints is leading the acquisition race, with a consortium comprising Advent and Indigo Paints emerging as the other key contender.
Simultaneously with the acquisition announcement, AkzoNobel India has also disclosed its capital expenditure plans for the fiscal year. Chairman and Managing Director Rajiv Rajgopal stated that the company’s capex is projected to surge by nearly 33%, from around INR 600 million to approximately INR 800 million, primarily aimed at investing in new production capacities, tinting machines, and expanding its business footprint. These initiatives are designed to bolster the company’s market competitiveness and solidify its position in the Indian paints landscape.
Having carved out a significant presence in the Indian market over seven decades, AkzoNobel has primarily operated under the “Dulux” brand, becoming a stalwart in the country’s paints industry. However, amidst evolving market dynamics and strategic shifts, AkzoNobel has decided to reevaluate its Indian operations and consider divesting AkzoNobel India. This decision is not abrupt; the company had announced a strategic review of its portfolio last October, with a focus on its core paints business.
AkzoNobel has consistently performed well in the Indian paints market, particularly in the premium segment, where it commands a market share of around 16%. Nevertheless, in the face of fierce global competition and a rapidly changing market landscape, AkzoNobel has opted to streamline its global footprint by selling its Indian operations and concentrating on its core strengths. JSW Paints’ acquisition move is poised to usher in a new competitive landscape and development opportunities in the Indian paints market.