Tata Steel gets CCI nod to acquire additional 23% stake in TM International Logistics

The Competition Commission of India (CCI) on Tuesday approved Tata Steel Ltd’s proposed acquisition of an additional 23% equity stake in TM International Logistics Ltd (TMILL), paving the way for the steelmaker to become the majority shareholder in the logistics joint venture.

The proposed transaction involves Tata Steel acquiring the entire 23% stake held by existing joint venture partner IQ Martrade Holding Und Management GmbH. Following the completion of the deal, IQ Martrade will exit TMILL, while Tata Steel’s stake will rise to 74%.

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"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.

NYK Europe, the third partner in TMILL, will retain its 26% equity stake after the transaction, the regulator said.

TMILL joint venture

TMILL is a public limited company established as a 51:23:26 joint venture between Tata Steel, IQ Martrade and NYK Europe. It was incorporated primarily to meet Tata Steel’s logistics and cargo transportation requirements.

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."

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After the proposed combination is completed, Tata Steel and NYK Europe will hold 74% and 26% respectively in TMILL, CCI said.

The proposed transaction requires regulatory clearance as it crosses the thresholds prescribed under India’s competition law. The CCI is responsible for reviewing such combinations and preventing practices that could have an adverse impact on competition in the market.