India's fair trade regulator, the Competition Commission of India (CCI), has approved Indian steelmaker Tata Steel Limited's acquisition of an additional 23 percent equity stake in TM International Logistics Limited (TILL), Tata Steel Limited said in a regulatory filing on Thursday, August 20.
Under the deal, Tata Steel Limited acquires the entire 23 percent equity stake in TILL held by IQ Martrade Holding Und Management GmbH, the statement said.
TILL was set up as a joint venture for railway cargo transportation, port operations and freight forwarding for Tata Steel. The original shareholding pattern of TILL was 51:23:26, involving Tata Steel, IQ Martrade Holding Und Management GmbH, and NYK (Europe) B.V.
Following the acquisition, IQ Martrade Holding Und Management GmbH will exit TILL.
The acquisition by Tata Steel Limited has been valued at $ 35 million.
