JSW Paints' Strategic Move: Agreement Signed to Acquire Akzo Nobel India

JSW Paints Limited ("JSW Paints"), Akzo Nobel N.V. and its affiliates Akzo Nobel India Limited ("ANIL") have signed definitive agreements to acquire up to 74.76% stake in ANIL. Under the Share Purchase Agreement, the transaction value will be up to INR 8,986 crore, subject to certain closing adjustments.

This strategic acquisition will be completed subject to approval by the Competition Commission of India and completion of a mandatory open offer ("Open Offer") to ANIL's public shareholders.

JSW Paints is India's fastest-growing paints company and operates within the JSW Group, a USD 23 billion conglomerate engaged in steel, cement, energy, infrastructure, automotive and paints sectors. ANIL is a leading decorative and industrial paints company in India and a subsidiary of Akzo Nobel, the global paints and coatings giant headquartered in the Netherlands.

This acquisition aims to position JSW Paints as one of the industry's leading players in India's paints and coatings market during a period of expected strong growth in the coming years.

Parth Jindal, Managing Director of JSW Paints, said:
"Paints and coatings is one of India's fastest-growing sectors, and JSW Paints stands out as one of the fastest-growing companies in this space. Akzo Nobel India is home to globally recognized brands such as Dulux, International and Sikkens. We are delighted to welcome them into the JSW family. Together with Akzo Nobel India's employees, customers and business partners, we aim to build the paints company of the future. While delivering superior customer experiences through 'Dulux Magic' and 'JSW Paints' Thoughtful Approach', we will create lasting value for our stakeholders."

Greg Poux-Guillaume, CEO of AkzoNobel, said:
"This transaction is an important milestone in the execution of our strategy. Akzo Nobel India has demonstrated strong performance over many years, and we are proud of its brands and the capabilities of its people. With JSW, we believe the company will continue to develop under a strong partner with deep local expertise and long-term ambitions."

Advisors:

• Morgan Stanley: exclusive financial advisor to JSW Paints
• Khaitan & Co.: legal advisor
• Deloitte: financial and tax due diligence advisor

Founded in 2019, JSW Paints today leads the sector's transformation through its broad decorative paints and industrial coatings portfolio, innovative product development approach, strong brand investments, state-of-the-art manufacturing facilities and distribution network spanning India.

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