JSW Group Plans $1.6B Acquisition of Akzo Nobel India with $468M Debt Sale

JSW Group is acquiring a majority stake in Akzo Nobel's India paint business, including the Dulux brand, in a deal valued at approximately $1.6 billion. The acquisition involves purchasing up to 74.7% of Akzo Nobel India, with a total transaction value exceeding Rs 13,000 crore, including an open offer to minority shareholders. To finance this, JSW Group is in discussions with global lenders such as Barclays, Mitsubishi UFJ, and Standard Chartered for a rupee-denominated debt of about 40 billion rupees, while also exploring private credit funds, with the total funding requirement around $1.5 billion. This move aims to strengthen JSW Paints' position in the highly competitive Indian paint sector, which is witnessing increased rivalry from new entrants like Birla Opus and established players like Asian Paints. The deal is expected to close by the end of 2025 and includes transferring Akzo Nobel India's Paint Coating and R&D operations to its parent company before completion. JSW Group's managing director, Parth Jindal, expressed ambition to build a leading paint company, leveraging the combined strengths of JSW Paints and Akzo Nobel India.