Akzo Nobel N.V. has completed the previously announced sale of Akzo Nobel India Limited to JSW Group, one of India’s largest diversified conglomerates.
The transaction, based on an enterprise value of approximately €1.4 billion ($1.65 billion), represents an EV/EBITDA multiple of 25x. The deal includes AkzoNobel’s liquid paints and coatings business in India, including the Dulux brand.
AkzoNobel will retain full ownership of its India Powder Coatings business and International Research Center, which remain part of the company’s global network.
“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.”
Sajjan Jindal, chairman of JSW Group, said the acquisition brings global quality to the Indian market.
“I am happy to welcome the AkzoNobel India team to the JSW Family. 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. Together, there’s an incredible opportunity here to build a stronger, brighter and more colorful future for our customers and for India,” said Jindal.