CCI approved Tata Steel’s acquisition of a 23% stake in TM International Logistics from IQ Martrade, raising Tata Steel’s overall ownership to 74%.
The Competition Commission of India has approved the acquisition by Tata Steel of the entire 23 per cent equity shareholding held by IQ Martrade Holding Und Management GmbH in TM International Logistics Limited, resulting in IQ Martrade’s exit from the company. Following the transaction, Tata Steel will hold 74 per cent and NYK Europe will hold 26 per cent of TMILL’s equity. TMILL, previously a 51:23:26 joint venture between Tata Steel, IQ Martrade and NYK Europe, was incorporated primarily to serve Tata Steel’s logistics and cargo transportation needs. It provides railway cargo transportation, port operation and cargo handling, freight forwarding and other value-added logistics services across Tata Steel’s operational network.
Source: Press Information Bureau, Government of India
