JSW Group is closing in on a deal to acquire a 75% stake in AkzoNobel India—the maker of Dulux paints—from its Dutch parent for around ₹12,000 crore.
Why it matters: this would mark JSW’s biggest move yet into the consumer-facing paints segment, where competition has intensified with new entrants like the Aditya Birla Group.
The acquisition would give JSW control of a national distribution network and the well-known Dulux brand, strengthening its hand in a sector still dominated by Asian Paints.
The deal setup: the deal is likely to be priced above AkzoNobel India’s ₹15,857 crore market value. To fund it, the Jindal family may sell 2% of JSW Infrastructure and bring in private equity partners.
Who else was in the race: JSW reportedly beat out final offers from Pidilite Industries and Indigo Paints, while earlier rounds saw interest from Blackstone.
The playbook: Sajjan Jindal is said to be personally leading negotiations, similar to his hands-on role during the 2022 Ambuja Cement bid, which was eventually trumped by the Adani Group. That ₹7 billion deal made Adani India’s second-largest cement player.
M&A momentum: JSW has been on an acquisition spree. Its renewable arm, JSW Neo Energy, is set to close a ₹12,468 crore deal for O2 Power this year. And in March, the group completed a ₹16,000 crore buyout of KSK Energy.
