Sajjan Jindal-led JSW Group’s paint arm, JSW Paints, is inching closer to acquire a stake in AkzoNobel India, the owner of the Dulux paint brand. JSW Paints, which is headed by Parth Jindal, is likely to seal the deal in the coming weeks, MoneyControl reported.
“Both parties are planning to seal the deal very soon, maybe as early as this week or early next week,” MoneyControl reported, citing sources.
Earlier, MoneyControl had reported that JSW Paints had emerged as the front-runner and the paints arm of the conglomerate had signed an exclusivity pact with the parent AkzoNobel NV. The JSW Group’s promoters, the Jindal family, have planned to pledge a portion of their stakes in group companies to raise funds worth ₹ 9,000 crore for the acquisition. The family has reportedly planned that a portion of the total pledged amount, i.e., ₹ 2,000 crore will be raised via holdings in JSW Steel and JSW Paints, while the rest of the ₹ 7,000 crore will be managed via a mix of debt and structured credit.
The steel-to-paints conglomerate is reportedly working with Standard Chartered Bank, Morgan Stanley, and MUFG to arrange the funds. Apart from this, the conglomerate is holding talks with global investment firms Farallon Capital and Ares Management to raise funds worth Rs 4,000 crore via hybrid form.
JSW Paints, which was launched in 2019 after the acquisition of AkzoNobel India business, will become a much stronger player in India’s decorative paint segment, which is dominated by Asian Paints. Moreover, it would also benefit from AkzoNobel India’s well-established distribution network, manufacturing facilities, and strong product portfolio.
The move is likely to heat up competition in India’s paints market with players like Birla Opus, Asian Paints and Berger Paints.
Commenting on the move, JSW Paints MD Parth Jindal had earlier said that the Akzo Nobel India business sale is an “exciting opportunity”.
“There is no choice...I have to give everything I’ve got for Akzo Nobel India,” Parth Jindal had said in January 2025.
