In a move that could reshape the Indian paint industry, JSW Paints buys Dulux Paints India for ₹9,000 crore. The deal involves acquiring a 75% stake in Akzo Nobel India, the company behind the popular Dulux brand. This acquisition gives JSW a stronger presence in India’s fast-growing ₹90,000 crore paint market.
What’s Included in the Deal?
JSW Paints will acquire the decorative paints business of Akzo Nobel India, including premium brands like Dulux, Sikkens, and International. However, Akzo Nobel will retain its industrial coatings and R&D units. The acquisition covers manufacturing plants, distribution networks, and brand rights across India.
Strategic Importance of the Deal
The deal positions JSW Paints as a top-four player in India’s decorative paint sector. By gaining Dulux’s market presence, brand value, and dealer network, JSW can now compete directly with Asian Paints, Berger Paints, and Kansai Nerolac.
According to analysts, this acquisition provides JSW with a ready-made brand, extensive distribution, and premium product categories—reducing the time it would take to build those capabilities organically.
Financial Terms and Funding
The ₹9,000 crore deal will be funded through a mix of promoter equity and structured financing. JSW Group will pledge shares in its other companies to raise ₹2,000–3,000 crore, while the remaining amount will come from bank loans and mezzanine funding from global investors.
JSW is also planning a mandatory open offer for the remaining 25% public shares in Akzo Nobel India, offering a premium price per share.
Industry Impact and Market Reaction
This acquisition could lead to increased competition, especially in the premium and mid-tier paint segments. It also signals rising consolidation in the sector, with newer players like JSW and Aditya Birla’s Grasim (Birla Opus) challenging long-time leaders.
Experts say Dulux’s trusted reputation and JSW’s capital strength make the combined entity a serious contender in both urban and semi-urban markets.
Timeline and Approvals
- Announcement Date: June 27, 2025
- Approvals Needed: Competition Commission of India (CCI), SEBI for open offer
- Expected Deal Closure: By the end of 2025
- Transition: JSW will license the Dulux brand from Akzo Nobel until the deal fully closes
What This Means for Customers and Investors
For customers, expect wider availability of Dulux products and possibly better pricing due to JSW’s manufacturing scale. For investors, the deal shows JSW Paints’ ambition to grow aggressively in the consumer market, with potential for a future IPO as revenues cross ₹10,000 crore annually.
Conclusion
The news that JSW Paints buys Dulux Paints India marks a major turning point in the Indian paint market. With a ₹9,000 crore investment, JSW gains a premium brand and strong market position—while reshaping competition across the sector. This deal is not just a merger; it’s a bold statement of growth.
