JSW Paints Inches Closer To Nerolac In Market Share Post Dulux-Owner Akzo Nobel's Acquisition — Details Here

JSW Paints acquired Akzo Nobel Ltd. on Friday, valuing the company at Rs 12,000 crore. This acquisition has resulted in JSW Paints' market share rising to nearly 10%.

The acquisition stands of importance since this has boosted JSW Paints' standing in the business to fourth largest, just next to Kansai Nerolac Ltd. which has a market share of 11.9% and revenue of Rs 7,823 crore

After combining Akzo Nobel's market share of 6.2%, JSW's total market share stands at 9.2%.

Asian Paints continues to dominate the market with a substantial 51.7% share, generating revenue of Rs. 33,906 crore. Berger Paints follows with a 17.6% market share and Rs. 11,545 crore in revenue.

Prior to the acquisition, Akzo Nobel had a 6.2% market share, contributing Rs. 4,091 crore in revenue. Birla Opus and JSW Paints held 6.1% and 3.0% market shares respectively, with revenues of Rs. 4,000 crore and Rs. 2,000 crore. Indigo Paints, Shalimar Paints, and Sirca Paints had smaller shares of 1.9%, 0.9%, and 0.6% respectively.

The acquisition was formalised through a Share Purchase Agreement executed on June 27, 2025. JSW Paints has entered into an SPA with Akzo Nobel's promoters, Imperial Chemical Industries Ltd and Akzo Nobel Coatings International B.V., who hold 50.46% and 24.30% of the company's shares, respectively. The share purchase pact is at Rs 9,403 crore

This transaction necessitates an open offer in accordance with SEBI regulations. The total consideration for the open offer set at Rs 3,929 crore.

Notably, Asian Paints holds 4.42% stake in Akzo Nobel as of Mar. 2025

With this acquisition, JSW Paints aims to leverage Akzo Nobel's established market presence and technological expertise to enhance its product offerings and expand its footprint across India.