JSW Paints has signed definitive agreements to acquire up to 74.76 per cent stake in Akzo Nobel India for Rs 8,986 crore, in a move that could significantly alter the landscape of India’s paints and coatings market.

The stake will be acquired from the company’s Dutch parent, Akzo Nobel N.V., and its affiliates. The transaction is subject to regulatory approvals, including from the Competition Commission of India, and will trigger a mandatory open offer to public shareholders under SEBI rules.

The deal includes the acquisition of Akzo Nobel India’s decorative paints business, valued at around Rs 6,800 crore, according to stock exchange filings. As part of the transaction, JSW Paints, along with group entities JTPM Metal Traders and JSW EduInfra, will make an open offer to acquire up to 25.24 per cent of the company’s shares from public shareholders at Rs 3,417.77 per share, amounting to a maximum of Rs 3,929 crore. The offer is subject to adjustment to ensure promoter shareholding remains within the 75 per cent threshold.

The acquisition gives JSW Paints control over well-known brands such as Dulux, adding to its portfolio in a sector largely dominated by Asian Paints, Berger Paints, and more recently, the Aditya Birla Group’s Grasim Paints.

Akzo Nobel India has been operating in the country for decades and also markets the Sikkens brand. Its parent company said the business is being transferred to a local partner with “long-term commitment.”

If completed, the deal would rank among the largest in India’s paints sector, which is expected to grow at a double-digit pace over the next several years, driven by demand from housing, construction, and infrastructure segments.

JSW Paints, launched in 2019, is part of the JSW Group, a diversified conglomerate with interests in steel, energy, cement, and infrastructure.