New Delhi, The Competition Commission of India (CCI) on Tuesday approved Tata Steel’s proposed acquisition of an additional 23 per cent equity stake in TM International Logistics Ltd (TMILL).
TMILL, a public limited company, is a 51:23:26 joint venture between Tata Steel, IQ Martrade and NYK Europe. Following the proposed acquisition, Tata Steel will become the majority stakeholder and IQ Martrade will exit from the JV entity.
“The proposed combination pertains to the acquisition by Tata Steel Ltd of the entire shareholding comprising 23 per cent equity shares held by one of the existing joint venture partners, ie, IQ Martrade Holding Und Management GmbH in TM International Logistics Ltd, and the consequent exit of IQ Martrade from TMILL,” CCI said in a release.
Post consummation of the proposed combination, Tata Steel and NYK Europe will hold 74 and 26 per cent equity shareholding in TMILL, respectively, it added.
TMILL was incorporated as a JV primarily to cater to the logistics and cargo transportation requirements of Tata Steel.
In a post on X, the regulator said, “CCI approves acquisition of 23 per cent equity shareholding of TM International Logistics Ltd by Tata Steel Ltd.”
Deals beyond a certain threshold require approval from the regulator, which keeps a watch on unfair business practices as well as promotes fair competition in the marketplace.
