Akzo Nobel N.V. announced the completion of its sale of Akzo Nobel India Limited to the JSW Group. The closing marks a key step in AkzoNobel’s strategic portfolio review launched in October 2024.

The transaction includes the company’s liquid paint and coatings business in India. AkzoNobel retains full ownership of its India Powder Coatings business and International Research Center, which continue as part of its global network. The transaction carries a total enterprise value of about €1.4 billion and reflects an EV/EBITDA multiple of 25x.

“Today’s closing is an important step in sharpening our strategic focus and positioning AkzoNobel for long-term value creation,” said Greg Poux-Guillaume, CEO of AkzoNobel. “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.”

“I am happy to welcome the AkzoNobel India team to the JSW Family,” said Sajjan Jindal, chairman JSW Group. “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.”

“We are delighted to welcome Akzo Nobel India into the JSW family,” said Parth Jindal, managing director of JSW Paints. “This is a historic occasion, as it marks one of the largest acquisitions in India’s paints and coatings market.”

This announcement is one of many surrounding AkzoNobel recently. Read more coverage here.