In a statement released today, Akzo Nobel N.V. said that it has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates.
Under the agreement, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity.
The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel’s liquid paints and coatings business in India.
The transaction involves the sale of up to 75% of shares in ANIL and is subject to customary closing conditions including regulatory approvals. The transaction is expected to be completed in the fourth quarter of 2025.
The two promoter entities would sell 3,40,44,335 shares in Akzo Nobel India at a price of Rs 2,762.05 apiece, which translates to a total consideration of Rs 9,403.21 crore.
The India Powder Coatings business and International Research Center, both currently part of ANIL, will be retained by AkzoNobel under full ownership.
After this deal, JSW will be required to make an open offer for further 26% stake in the company.
AkzoNobel India is a leading paints and coatings company and maker of 'Dulux Paints'.