AkzoNobel sold its India paints business to JSW for $1.6B to refocus on global coatings
AkzoNobel agreed to sell up to 75% of AkzoNobel India to JSW Group at a $1.6 billion enterprise value, keeping powder coatings and its research center.
What was changed
In late June 2025 AkzoNobel N.V. agreed to sell its stake in AkzoNobel India Limited to JSW Group, one of India's diversified conglomerates, in a transaction with an enterprise value of about $1.6 billion covering the liquid paints and coatings business in India.
AkzoNobel framed the sale as a way to focus capital and capabilities on leading positions in key global coatings markets; it retains full ownership of the India Powder Coatings business and the International Research Center currently part of AkzoNobel India.
JSW Paints managing director Parth Jindal welcomed brands such as Dulux, International and Sikkens to the JSW family, calling paints and coatings one of India's fastest-growing sectors.
Net cash proceeds are expected to be about $1 billion, of which $500 million goes to deleveraging; after closing, AkzoNobel intends to launch a $469 million share buyback. The sale of up to 75% of AkzoNobel India's shares is expected to complete in the fourth quarter of 2025, subject to regulatory approvals.
Why it worked
AkzoNobel said the move aims to focus the company's capital and capabilities on leading positions in its key global coatings markets.
Paints and coatings are among India's fastest-growing sectors, and JSW Paints is among its fastest-growing paint companies, giving AkzoNobel a consolidator willing to pay for scale there.
The deal funds group priorities directly: $500 million of the roughly $1 billion net proceeds is earmarked for deleveraging, with a $469 million buyback to follow.
What can be applied
A global leader can still be a local also-ran: exiting a fast-growing market where you are not winning funds the positions where you are.
Aftermath
Closing was expected in the fourth quarter of 2025, pending customary conditions including regulatory approvals. AkzoNobel keeps the India powder coatings business and the International Research Center under full ownership, and plans $500 million of deleveraging plus a $469 million share buyback once the deal closes.