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The fight for Akzo Nobel’s India business has now boiled down to just two players – JSW Paints and Indigo Paints – with Pidilite not putting in bids, sources aware said. Amongst the two JSW Paints is said to be a front-runner, those aware of the discussions said.
Owners of the Dulux brand, Akzo India has a near 8 per cent market share.
The deal is expected to be valued at ₹10000 – 12000 crore, it is being said, with the winner picking up decorative and industrial coatings.
Powder coatings and the R&D units are to be sold back to the Dutch-parent.
“A final decision in the ongoing sale process is yet to be taken by Akzo NV, the Netherlands-based parent company,” a person aware said.
AkzoNobel India & JSW Group did not respond to queries by businessline. Pidilite has not commented on a previous questionnaire sent by the paper.
Pidilite reportedly was eyeing only the decorative business.
Hemant Jalan’s Indigo Paints, backed by private equity major Advent International, was not immediately available for comments.
The India business of Akzo has a market capitalisation of ₹15000 crore-odd; which includes some verticals like powder coating that wouldn’t be included in the sale.
The business review, first signaled last year, comes as Akzo NV, the parent company, seeks to streamline operations and boost efficiency amid global economic uncertainties.
AkzoNobel India, the fourth player by market size, after Asian Paints, Berger and Kansai Nerolac, is centred on decorative paints for homes and commercial spaces, operates as a largely self-contained unit, insulated from global supply chain disruptions.
The India unit is listed on Indian stock exchanges.
Earlier this year, the unit here acquired the Dulux brand’s intellectual property rights for India, Nepal, Bhutan, and Bangladesh for ₹1,152 crore. Concurrently, it sold its powder coatings business to the parent company for ₹2,073 crore and its R&D vertical for ₹70 crore. The net proceeds of ₹991 crore will cover tax obligations from the sales and fund dividends to shareholders.
businessline had previously reported that JSW Paints, Indigo Paints (backed by PE firm Advent) and possibly Pidilite are the ones in fray. Two binding bids had been placed by April.
Dutch firm AkzoNobel NV holds a 74.76 per cent stake in AkzoNobel India and any attempt at purchasing a controlling stake will trigger an open offer.
Based on the market cap of the Indian arm at the end of day’s trade on May 15, the parent’s stake is valued at around ₹11,854 crore.
The local business of AkzoNobel includes the decorative paints segment as well as the industrial paints segment and the firm’s stock price has rallied by 35.79 per cent in the last year.
AkzoNobel India in FY25 reported a revenue from operations of ₹4,091.2 crore, up by 3 per cent , EBIT from operations flat at ₹551.8 crore; double digit profitability sustained at 13.5 per cent and PAT flat at ₹428.6 crore.
Published on May 15, 2025
This article first appeared on The Hindu Business Line
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