The Packages Group, built by one of Pakistan’s most celebrated industrialists, has completed the Rs15.2 billion acquisition of Akzo Nobel Pakistan, bringing Dulux under local ownership and signaling the next chapter of a family empire now led by his son and daughter.
WEBDESK — MEDIABITES — IMRAN MALIK
When Syed Babar Ali built the Packages Group into one of Pakistan’s most respected industrial conglomerates, he planted seeds that his children are now harvesting at an extraordinary scale.
On September 30, 2026, those seeds bore their biggest fruit yet.
His son Syed Hyder Ali, who leads the Group as Chief Executive Officer, Managing Director and Executive Director of Packages Limited, completed the acquisition of Akzo Nobel Pakistan Limited, absorbing one of the country’s most iconic paint and coatings businesses into the family empire.
His daughter, Syeda Henna Ali, Chairperson of DIC Pakistan Limited, Member of the Board of Directors of Packages Real Estate, and Member of the Board of Trustees of the Packages Foundation, continues to anchor the Group’s expanding footprint across industry and philanthropy.
The Babar Ali legacy is no longer a story of one man. It is a story of a family that keeps building.
The Man Running the Deal
Syed Hyder Ali is not simply an inheritor. He is a builder in his own right.
A chemical engineer from the University of Michigan (1979) with a Master of Science in Paper Chemistry (1981) and a Management Development certification from Harvard Business School (1997), he co-authored two United States patents for the recycling of juice and milk cartons, a quiet but remarkable technical contribution from a man better known for boardroom influence.
In August 2026, just weeks before the Akzo Nobel deal closed, he was elected Vice Chairman of the Pakistan Business Council, expanding his voice in Pakistan’s private sector advocacy to its highest level yet.
Beyond Packages, Hyder Ali sits on the boards of Nestlé Pakistan, Tetra Pak Pakistan, Hoechst Pakistan, IGI Holdings, Tri-Pack Films and Bulleh Shah Packaging. He has served as Honorary Consul General of Sweden in Lahore since 1998 and chairs the Swedish Business Council in Pakistan. He is also a board member of WWF-Pakistan and the Babar Ali Foundation.
The Acquisition
The deal was executed through the Group’s subsidiary IGI Investments (Pvt.) Limited, which acquired a 98.31% majority shareholding in Akzo Nobel Pakistan from ICI Omicron B.V., a subsidiary of the Netherlands-based Akzo Nobel NV, for Rs15.246 billion.
The total enterprise value stands at approximately €50 million, equivalent to roughly Rs16.2 billion or $57.3 million, at an EV/EBITDA multiple of 14x. Plans are in place to acquire the remaining 1.69% from minority shareholders to reach full ownership.
The acquisition covers Akzo Nobel Pakistan’s Decorative Paints and Liquid Coatings operations, including the Dulux brand, one of Pakistan’s most trusted premium paint labels. Future coatings activities under Packages Group will operate under royalty arrangements with Akzo Nobel NV in the Netherlands.
The Competition Commission of Pakistan granted formal clearance, and all statutory requirements were met before the September 30 closing date.
What This Means
For Pakistan’s business sector, this is not just a transaction. It is a statement.
A home-grown conglomerate, built across generations, has absorbed a subsidiary of a global multinational at a valuation of over Rs16 billion. Dulux, a brand that Pakistanis associate with quality and reliability, now belongs to a Pakistani group with deep roots in manufacturing, packaging, real estate and finance.
For Akzo Nobel NV, it is a strategic exit that preserves commercial ties through royalties while transferring operational responsibility to capable local hands.
For the Babar Ali family, it continues a legacy that refuses to stand still.
MediaBites will follow up with analysis of the acquired entity’s financial outlook and what the deal means for Pakistan’s coatings and construction sectors.
