CCI approves acquisition of additional shareholding of Thyssenkrupp by Protos, Paharpur

The Proposed Combination involves the acquisition of additional shareholding of the Target by Protos and Paharpur.

The Competition Commission of India (CCI) has approved the acquisition of additional shareholding of Thyssenkrupp Industries India Private Limited (Target) by Protos Engineering Company Private Limited (Protos) and Paharpur Cooling Towers Limited (Paharpur.

The Proposed Combination involves the acquisition of additional shareholding of the Target by Protos and Paharpur.

Protos is, inter alia, engaged in acting as an agent for companies that manufacture: (i) equipment, machinery and raw materials in various sectors such as steel, cement, sugar,etc.; and (ii) several industrial products. It is also a sole selling agent of Target. It identifies customers from the sugar industry who wish to buy sugar equipment/plants from Target and earns a commission from Target for such an arrangement.

Protos group is, inter alia, engaged in providing industrial inspection services and industrial certification services.

Paharpur is engaged in the manufacture and sale of industrial cooling systems, generation of power (through wind) and non-banking financial services.

Paharpur group is inter alia engaged in the: (a) development, rental and marketing of commercial and residential real estate projects; and (b) manufacture and sale of: (i) flexible packaging, pouches and retort pouches; and (ii) industrial valves and industrial pumps in India.

Target is engaged in providing: (a) Engineering, Procurement and Construction (EPC) services to execute turnkey projects in various industries and aftersales services; (b) manufacture and sale of various industrial products; and (c) operation and maintenance for plants.

(With Inputs from PIB)