India, Aug. 19 -- The Competition Commission of India (CCI) has approved Tata Steel Ltd.'s acquisition of a 23% equity stake in TM International Logistics Ltd. (TMILL) from existing joint venture partner IQ Martrade Holding Und Management GmbH.
Following the completion of the transaction, IQ Martrade will exit TMILL as a shareholder, while Tata Steel's stake will increase from 51% to 74%. NYK (Europe) B.V. will continue to hold the remaining 26% stake in the company.
TMILL is currently a joint venture between Tata Steel, IQ Martrade and NYK Europe and was established primarily to meet Tata Steel's logistics and cargo transportation requirements.
The company provides services across the logistics value chain, including railway cargo trans...