CCI Approves Protos, Paharpur Stake in Thyssenkrupp India

New Delhi, Apr 16 (PTI) The Competition Commission of India (CCI) on Tuesday said it has approved the proposed acquisition of additional stake in Thyssenkrupp Industries India by Protos Engineering Company and Paharpur Cooling Towers.

Thyssenkrupp Industries India is engaged in providing engineering, procurement and construction (EPC) services.

"The CCI has approved the acquisition of additional shareholding of Thyssenkrupp Industries India Pvt Ltd (Target) by Protos Engineering Company Private Limited (Protos) and Paharpur Cooling Towers Ltd (Paharpur)," according to a release.

Protos is engaged in acting as an agent for companies that manufactures equipment, machinery and raw materials and several industrial products. It also provides industrial inspection services and industrial certification services.

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

In February, German conglomerate Thyssenkrupp said it has initiated the process to divest its stake in the Indian arm, Thyssenkrupp Industries India (tkII), to its co-shareholders, Paharpur Cooling Towers and Protos Engineering.

The company announced that a binding agreement had been executed on January 22, 2024 to initiate the process to divest Thyssenkrupp's entire stake in tkII to Paharpur Cooling Towers and Protos Engineering, long-standing co-shareholders of tkII.

In another release, CCI said it has also granted its clearance for the acquisition of stake in PAMP Technologies (India) Pvt Ltd and MMTC PAMP India by PAMP Ventures SA.

The proposed combination relates to the acquisition of 100 per cent stake of PAMP Technologies (India) Pvt Ltd by PAMP Ventures SA (PAMP Switzerland/acquirer), the release said.

Also, the competition watchdog gave its nod to PAMP Ventures SA to acquire a 72.65 per cent stake in MMTC PAMP India Pvt Ltd (MMTC PAMP), it added.

The combination is an internal group restructuring through which MKS PAMP Group Ltd (ultimate parent entity of the MKS PAMP Group) is transferring its indirect shareholdings in PAMP Technologies and MMTC PAMP to PAMP Ventures SA.

PAMP Switzerland is a holding company and does not undertake any operational activities on its own, while PAMP Technologies provides IT services to only MKS PAMP Group companies.

MMTC PAMP is engaged in the business of refining gold and silver. It also sells gold and silver products such as coins and bars.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.