JSW Paints Completes Acquisition of Majority Stake in Akzo Nobel India With the latest transaction, JSW Paints now holds 61.2 percent of Akzo Nobel India.

JSW Paints has completed the acquisition of a majority stake in Akzo Nobel India after purchasing 60.76 percent shares from Akzo Nobel NV and its affiliates.

Earlier, the company had secured 0.44 percent shares from public shareholders following a successful open offer. With the latest transaction, JSW Paints now holds 61.2 percent of Akzo Nobel India.

JSW Paints is part of the USD 23 billion JSW Group which operates across steel, cement, energy, infrastructure, automotive and paints.

Akzo Nobel India has long been a key player in both decorative and industrial paints and was previously a part of the Netherlands based global coatings company Akzo Nobel.

The acquisition strengthens the position of JSW Paints in the Indian paints market which is expected to record strong growth in the coming years. The combined portfolio of the two companies is likely to increase their market presence and expand their network across various regions.

Sajjan Jindal, Chairman of the JSW Group, said, "We have always believed that India deserves paints and coatings that are trusted and world class. With Dulux, we are proud to bring global quality to homes and industries across India. Together, there is an incredible opportunity to build a stronger and more colorful future for our customers and for India."

Parth Jindal, Managing Director of JSW Paints, said, "This is a historic occasion as it marks one of the largest acquisitions in India's paints and coatings market. Together with the Akzo Nobel India family employees, customers and partners we aspire to build the paint company of the future. With the Magic of Dulux and the Thoughtfulness of JSW Paints, we look forward to creating long term value for our stakeholders."

Morgan Stanley acted as the financial advisor while Khaitan and Company provided legal support and Deloitte carried out financial and tax due diligence.