In a bold move to strengthen its foothold in India’s competitive decorative paints market, JSW Paints has reportedly emerged as the winning bidder for AkzoNobel NV’s stake in AkzoNobel India, acquiring it for approximately ₹9,000 crore. The acquisition is seen as a potential game-changer for JSW Paints, which has struggled to gain significant market share since its launch in 2019.
Reviving Dulux and Expanding Market Reach
The deal grants JSW Paints access to AkzoNobel’s iconic Dulux brand, a well-established name with a strong manufacturing base and dealer network across India. Analysts believe this acquisition could revitalize Dulux’s presence under a more aggressive promoter, enabling JSW to challenge dominant players like Asian Paints, Berger Paints, and Grasim’s Birla Opus.
“There could be a potential revival of the Dulux brand under the new owner with pan-India operations,” said Amit Agrawal, SVP at Kotak Securities.
Financing the Deal: High Stakes for JSW Group
To fund the acquisition, the Sajjan Jindal-led JSW Group is reportedly preparing to pledge stakes in JSW Steel and JSW Paints, while engaging with global banks and private credit firms for financing.
Paint Market Dynamics: A Shifting Landscape
India’s ₹70,000 crore decorative paints market is undergoing rapid transformation, with new entrants eroding Asian Paints’ market share, which dropped from nearly 60% to 52% as of March 2025. The acquisition positions JSW Paints to leverage Dulux’s legacy and infrastructure to compete more effectively in this evolving landscape.
