The transaction marks a key milestone in AkzoNobel’s strategic portfolio review.
AkzoNobel has announced the completion of the sale of Akzo Nobel India Limited (ANIL) to the JSW Group, one of India’s leading diversified conglomerates.
The deal covers AkzoNobel’s liquid paints and coatings business in India. The India Powder Coatings division and the company’s International Research Centre will remain fully owned by AkzoNobel and continue to operate as part of its global network.
“Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation. We are grateful to our colleagues in India for their many contributions and are pleased to see the business transition to JSW, an ambitious and committed partner in the region’s fast-growing paints and coatings market,” has stated Greg Poux-Guillaume, CEO of AkzoNobel.
“I am happy to welcome the AkzoNobel India team to the JSW Family. We’ve always believed that India deserves paints and coatings that are trusted and world-class. With Dulux, we’re proud to bring global quality to homes and industries across India. Together, there’s an incredible opportunity here to build a stronger, brighter and more colourful future for our customers and for India,” has commented Sajjan Jindal, Chairman of JSW Group.
“We are delighted to welcome AkzoNobel India into the JSW family. This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market. Together, along with the Akzo Nobel India family - employees, customers and partners - we aspire to build the paint company of the future. With the Magic of Dulux and Thoughtfulness of JSW Paints, we look forward to delighting customers and building lasting value for our stakeholders,” has added Parth Jindal, Managing Director of JSW Paints.