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).

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.

Detailed order of the CCI will follow.

Acquisition approval: additional shareholding in Thyssenkrupp Industries India by Protos and Paharpur cleared, subject to detailed order. Approval was granted for acquisition of additional shareholding in Thyssenkrupp Industries India by Protos and Paharpur. Protos, the Target's sole selling agent, identifies customers (including in the sugar industry) and provides inspection and certification services. Paharpur manufactures industrial cooling systems, generates wind power and offers non-banking financial services; its group also engages in real estate and manufacture of packaging, valves and pumps. The Target conducts EPC turnkey projects, manufactures industrial products, and provides aftersales and plant operation and maintenance. A detailed order will follow.