Mumbai, June 27 -- In a statement released today, Akzo Nobel N.V. said that it has signed an agreement to sell its shareholding in Akzo Nobel India Limited (ANIL) to the JSW Group, one of India's leading diversified conglomerates.

Under the agreement, the Dutch company will sell its stake through two promoter entities, Imperial Chemical Industries Ltd, which holds 50.46% of Akzo Nobel India and is classified as a holding/promoter entity and Akzo Nobel Coatings International B.V., which holds 24.30%, also classified as a holding/promoter entity.

The transaction is based on a total enterprise value of approximately €1.4 billion, representing an EV/EBITDA multiple of 22x, and includes AkzoNobel's liquid paints and coatings business i...