CCI Approves Tata Steel's Acquisition of 23% Equity Shares in TMILL

The Competition Commission of India (CCI) has approved the acquisition by Tata Steel Ltd. of a 23% equity shareholding in TM International Logistics Limited (TMILL), currently held by IQ Martrade Holding Und Management GmbH (IQ Martrade). The approval was announced by the Competition Commission of India through a Press Release. 

The Proposed Combination 

The transaction involves Tata Steel acquiring the entire shareholding of IQ Martrade, one of the existing joint venture partners in TMILL, comprising 23% equity shares. As a result of the acquisition, IQ Martrade will exit TMILL and cease to be a shareholder in the company. 

Following completion of the transaction, the shareholding pattern in TMILL will change from its present structure to a two-partner arrangement, with Tata Steel holding 74% and NYK (Europe) B.V. (NYK Europe) holding 26% equity shareholding in TMILL. 

About the Parties 

Tata Steel is described in the press release as a public limited listed entity engaged in integrated steel manufacturing operations, spanning mining, steelmaking, and further processing. It is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). 

TMILL is a public limited company that is presently structured as a 51:23:26 joint venture among Tata Steel, IQ Martrade, and NYK Europe. It was incorporated as a joint venture primarily to cater to the logistics and cargo transportation requirements of Tata Steel. TMILL's services span the logistics value chain, including railway cargo transportation, port operation and cargo handling, freight forwarding, and other value-added logistics services, mainly in support of Tata Steel's operational and transportation requirements.