JSW, Indigo Paints Lead Race for Akzo Nobel’s India Business

24 Apr, 2025

JSW Paints and Indigo Paints are now the top contenders for acquiring Akzo Nobel’s India business, after a high-level meeting held last week. Backed by PE firm Advent International, Indigo Paints has emerged as a strong player alongside JSW Paints, while Pidilite Industries ranks as a distant third. Blackstone, which had previously expressed interest, has opted out of the race. The binding bids from these companies are expected by the end of April, marking a significant milestone in the ongoing process.

Akzo Nobel’s India business, which holds a 10% market share in the country’s paint industry, is currently under review as part of the Dutch paint-maker’s strategy to refocus its resources amid stiff competition. The company’s operations in India include decorative paints, industrial coatings, and related manufacturing assets. The strategic review initiated last year has attracted the attention of several companies, including JSW Paints, Indigo Paints, and Pidilite.

Akzo Nobel’s India unit, which holds a market capitalization of ₹16,000 crore, represents a valuable asset. Recently, it acquired the intellectual property rights for its Dulux brand in India and neighboring countries, while simultaneously divesting its powder coatings business and R&D vertical. With prospective competitors like JSW Paints and Indigo Paints seeking to solidify their positions, the $8 billion Indian paint market's competitive dynamics are about to shift.

TPG has teamed up with JSW Paints, which debuted in 2019, to present an updated deal. Indigo Paints, backed by Advent International, is now a key contender in the race. As discussions progress, Akzo’s India business is expected to be an important strategic asset, bolstering the growth and scale of whichever company secures the deal.

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