JSW Paints has agreed to acquire a 74.7% stake in Akzo Nobel India for Rs 8,986 crore, catapulting the Jindal-owned company to fourth position in India's Rs 90,000-crore paint market. The deal, JSW's largest acquisition to date, gives them control of the premium Dulux brand and strengthens their presence in both decorative and industrial segments.

Headed by Parth Jindal, JSW Paints outbid competitors including Indigo Paints-Advent International consortium and Pidilite Industries. The acquisition addresses JSW's struggle to break into the decorative paints top three since its establishment six years ago, while Dulux's luxury positioning and urban market presence provide immediate brand elevation.

The deal comes as India's paint industry faces headwinds, with demand falling 4-5% in FY25. Market leader Asian Paints holds 52% share, while newcomer Birla Opus has rapidly captured 7% market share since launching in February 2024.