Will aim to be no. 1 in industrial paints: JSW Paints CEO Parth Jindal on AkzoNobel India acquisition

JSW Paints Eyes Top Spot in Industrial Segment Post AkzoNobel India Acquisition: CEO Parth Jindal

In a bold strategic move to solidify its footprint in the Indian paints industry, JSW Paints has acquired the industrial coatings business of AkzoNobel India, with CEO Parth Jindal stating that the company is now aiming to become the number one player in the industrial paints segment. This acquisition marks a significant milestone for JSW Paints, aligning with its long-term vision of becoming a major force in both decorative and industrial coatings.

Strategic Rationale Behind the Acquisition

JSW Paints' acquisition of AkzoNobel India’s industrial coatings division brings under its umbrella a range of specialized paints used in heavy industries, including automotive, marine, protective, and powder coatings. The move is expected to complement JSW Paints’ existing portfolio, enhance its technological capabilities, and expand its customer base in the fast-growing infrastructure and manufacturing sectors.

Parth Jindal, in a recent media interaction, said,

"This acquisition is not just about market share—it’s about transforming JSW Paints into an all-encompassing player in the coatings space. AkzoNobel's technology and customer relationships in industrial paints will be a game-changer for us. Our aim is to be the number one industrial paints company in India in the coming years."

What the Deal Entails

While the financial terms of the deal remain undisclosed, sources familiar with the development indicate it involves the transfer of key assets, customer contracts, and technology platforms. The acquisition will allow JSW Paints to leapfrog years of organic growth and fast-track its presence in the industrial coatings market—a segment currently dominated by players like Asian Paints, Berger Paints, and Nerolac.

Market experts believe the acquisition will likely include:

• AkzoNobel India’s formulations, R&D resources, and production capabilities

• Key B2B contracts with industrial customers

• A strong legacy of quality assurance in powder and protective coatings

Market Context and Industry Landscape

India’s industrial paints market is poised for robust growth, driven by rising infrastructure investments, Make-in-India initiatives, and increasing demand from sectors like construction, automotive, and renewable energy. The segment accounts for around 30% of the overall ₹62,000 crore Indian paints industry, and is expected to grow at a CAGR of 8–10% over the next five years.

According to ICICI Securities,

“JSW Paints’ aggressive play in the industrial segment could significantly alter the competitive dynamics. With access to AkzoNobel’s legacy technologies and market relationships, JSW now holds a unique positioning to bridge the gap between decorative dominance and industrial leadership.”

Analyst Reactions: A Step in the Right Direction

Several analysts have termed this acquisition a strategically astute decision. The timing aligns well with the industry’s ongoing shift toward value-added coatings and green technologies—areas where AkzoNobel has long-standing expertise.

Manish Jain, Senior Research Analyst at Nomura, said:

“Industrial coatings require deep expertise and a high barrier to entry. With this acquisition, JSW Paints gets a foot in the door along with proven technology. We expect the company to gradually gain market share and enhance margins over the next 2–3 years.”

Competitive Advantage & Integration Strategy

JSW Paints, a relatively new entrant in the paints sector, has already made a mark with its ‘Any Colour One Price’ proposition in the decorative segment. With this acquisition, it intends to replicate its disruptive strategy in industrial coatings by offering cost-effective, high-quality solutions at scale.

Parth Jindal elaborated:

“We plan to integrate the AkzoNobel business smoothly into our system while retaining its core technical team. We are also exploring co-innovation opportunities to develop India-specific solutions, especially for infrastructure and renewable energy.”

Potential Synergies and Future Outlook

The synergies expected from the acquisition include:

• Faster go-to-market capabilities for industrial projects

• Cross-selling opportunities to existing JSW Steel and JSW Infrastructure clients

• Enhanced supply chain optimization and R&D collaboration

Moreover, the company plans to leverage its group synergies with JSW Steel and JSW Energy to push for in-house industrial applications, creating a closed-loop ecosystem that could significantly reduce operating costs and boost profitability.

In terms of revenue impact, industry watchers predict that JSW Paints could see a 30-40% increase in topline over the next two fiscal years, primarily driven by the industrial vertical.

Investor Outlook: A Long-Term Growth Story

Though JSW Paints remains unlisted, market observers believe the acquisition strengthens its IPO potential. With increased scale, brand recognition, and a diversified product mix, JSW Paints is well on its way to becoming a formidable player capable of challenging incumbents.

Amit Shah, a fund manager at a Mumbai-based mutual fund, noted:

“For investors tracking the paints sector, this deal signals that JSW Paints is a serious long-term contender. Once the integration stabilizes and revenue traction becomes visible, the company could attract significant institutional interest.”

JSW Paints’ acquisition of AkzoNobel India’s industrial coatings business is a clear indicator of its strategic intent to dominate the paints ecosystem, not just in decorative but also industrial coatings. With an ambitious leadership, robust group synergies, and a strong operational backbone, the company appears well-poised to redefine competition in the Indian paints industry.

As Parth Jindal aptly summed up:

“We’re not just building a company—we’re building a legacy in the paints sector. And this acquisition is a big step toward that vision.”