The Competition Commission of India (CCI) has approved acquisition of Krosaki Harima Corporation by Nippon Steel Corporation

The proposed combination involves acquisition by Nippon Steel Corporation (Nippon Steel) of 53.4% shareholding of Krosaki Harima Corporation (Krosaki) by way of a tender offer and potential squeeze out (if applicable) (Proposed Combination). Nippon Steel holds an existing stake of 46.6% in Krosaki and accordingly pursuant to the Proposed Combination, Nippon Steel’s shareholding in Krosaki would be 100%.

Nippon Steel is a Japan-based steelmaker. In India, Nippon Steel is engaged in the business of manufacturing tubes and pipes, and processing automotive cold rolled steel sheets, crankshafts, and auto-parts and also imports and sells various products.

Krosaki is a public listed company established in Japan. In India, Krosaki indirectly through its affiliate entities, is, inter alia, engaged in the manufacture and/or sale of refractory products and services the iron & steel making, lime, steel, aluminium, power, cement, copper, etc. industries.

Detailed order of the Commission will follow.

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