Akzo Nobel N.V. has signed an agreement to sell its shareholding in Akzo Nobel India Ltd. (ANIL) to the JSW Group, one of India’s leading diversified conglomerates. 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. AkzoNobel will retain full ownership of the India Powder Coatings business and the International Research Center, both currently part of ANIL.

The divestment marks the first step in the strategic portfolio review announced in October 2024, which aims to focus the company’s capital and capabilities on leading positions in key global coatings markets.

“This transaction is a significant milestone in the execution of our strategy,” said AkzoNobel CEO Greg Poux-Guillaume. “AkzoNobel India has been a consistently strong performer, and we are proud of the brand and talent that have made it a success. With JSW, we are confident the business is in the hands of a long-term partner with deep local expertise and strong ambitions in the sector.”

Parth Jindal, managing director of JSW Paints, said: “Paints and coatings is one of India’s fastest growing sectors, and JSW Paints is among the fastest growing paint companies. Akzo Nobel India is home to some of the most globally renowned brands of paints and coatings like Dulux, International and Sikkens. We are excited to welcome them to the JSW family. 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.”

The net cash proceeds are expected to be approximately €900 million, with around €500 million allocated for deleveraging. Following closing, AkzoNobel intends to launch a €400 million share buyback program.

The transaction involves the sale of up to 75% of shares in ANIL and is subject to customary closing conditions, including regulatory approvals. It is expected to be completed in the fourth quarter of 2025.