The Competition Commission of India has approved Tata Steel Limited's proposal to acquire a 23% equity stake in TM International Logistics Limited (TMILL) from its existing joint venture partner, IQ Martrade Holding Und Management GmbH (IQ Martrade).

The transaction involves Tata Steel acquiring the entire 23% shareholding held by IQ Martrade in TMILL.

Following the completion of the acquisition, IQ Martrade will exit the joint venture, with Tata Steel's shareholding increasing to 74% and NYK (Europe) B.V continuing to hold the remaining 26%.

Tata Steel is a listed public limited company engaged in integrated steel manufacturing, covering activities from mining and steel production to further processing.

TMILL is currently a joint venture between Tata Steel, IQ Martrade and NYK Europe, with the three entities holding 51%, 23% and 26%, respectively. The company was established primarily to meet Tata Steel's logistics and cargo transportation requirements. Its operations include railway cargo transportation, port operations and cargo handling, freight forwarding and other value-added logistics services.

The Commission stated that a detailed order will follow.

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To Read the full text of the Order CLICK HERE