PARTH JINDAL NAMED CHAIRMAN AS JSW PAINTS RESHAPES AKZO NOBEL INDIA BOARD

Akzo Nobel India, now majority-owned by JSW Paints, has appointed Parth Jindal as Chairman and inducted Shantanu Maharaj Khosla as Independent Director. Rajiv Rajgopal becomes Joint MD and CEO. The governance overhaul follows JSW’s 61.2% stake acquisition and comes amid a quarter boosted by a one-time ₹1,874-crore exceptional gain.  

Akzo Nobel India has entered a new phase of its corporate journey with the appointment of Parth Jindal as Chairman and the induction of seasoned consumer industry leader Shantanu Maharaj Khosla as Independent Director, marking the company’s first major board reshuffle since its acquisition by JSW Paints. The appointments, effective immediately, underscore JSW Paints’ intent to tightly integrate governance and strategy as it takes charge of a business with deep legacy, broad brand recognition, and a recently restructured ownership profile. Both appointments were cleared by the company’s board on Friday based on the recommendations of the Nomination and Remuneration Committee and remain subject to shareholder approval, a standard procedural step in board transitions of publicly listed firms.

The move also reshapes leadership roles within the company’s executive ranks. Rajiv Rajgopal, who had been serving as Chairman and Managing Director, has now been redesignated as Joint Managing Director and Chief Executive Officer, aligning the internal structure more closely with JSW Paints’ operating model and enabling clearer segregation between governance and management. Meanwhile, Khosla—whose tenure as Independent Director will extend until January 8, 2029—brings with him decades of experience steering consumer brands in India, a background that complements JSW Paints’ strategic ambitions across premium and mass-market categories.

The appointments come on the heels of a transformative ownership change. In December, JSW Paints completed the acquisition of a 60.76 per cent majority stake in Akzo Nobel India from Akzo Nobel NV and its affiliates, following months of negotiations and regulatory processes. This was subsequently topped up with an additional 0.44 per cent stake acquired from public shareholders through an open offer, taking JSW Paints’ total to 61.2 per cent and solidifying control. With the acquisition closed, the new board structure signals the formal beginning of what insiders expect to be a multi-year integration and consolidation play, with JSW Paints looking to expand its presence in decorative and industrial paints by leveraging Akzo Nobel India’s entrenched distribution, supplier relationships, and brand equity.

Parth Jindal’s elevation to Chairman is unsurprising given the acquisition history and his dual role as Managing Director of JSW Paints and JSW Cements. His presence at the helm is viewed as a strategic signal to markets and partners that the JSW Group intends to be active rather than passive in steering the company’s portfolio. Industry observers note that the paints sector has become increasingly competitive in recent years, with both legacy players and new entrants accelerating capacity investments, dealer programs, and brand-building efforts, particularly in the decorative paints segment where margins are most attractive.

Financially, Akzo Nobel India reported a striking increase in consolidated net profit for the July–September quarter, rising to ₹1,682 crore from ₹97 crore in the same quarter last year. However, the surge was largely driven by a one-time exceptional gain of ₹1,874 crore booked during the period. Adjusted for the exceptional item, operating performance remains steady but more modest. The company continues to benefit from softer raw material prices and improved supply chain efficiency—factors that have helped multiple paints and coatings companies cushion external cost volatility in the last year.

Beyond board changes and financial restructuring, the acquisition raises broader strategic questions that the industry will be watching closely. Akzo Nobel India inherits decades of brand legacy, dealer penetration, and technical credibility in coatings, while JSW Paints brings disruptive energy, fresh capital, and the backing of one of India’s largest industrial conglomerates. How these cultures and capabilities merge will determine how effectively the combined entity competes against established incumbents that have long dominated the market.

For now, the governance overhaul ensures that the acquired company is formally aligned with JSW Paints’ direction. Shareholder approval remains a procedural step, but given the new ownership structure, it is unlikely to pose hurdles. With a fortified board and clarity of leadership, Akzo Nobel India appears prepared for its next chapter, one defined not by multinational stewardship but by Indian conglomerate ambition and competitive urgency.