India’s CCI Greenlights ATC’s Stake in TKE and Saudi JV

The Competition Commission of India (CCI), India’s antitrust watchdog, has approved Alat Technology Co. (ATC) acquiring a minority stake in TK Elevator (TKE) and a forming a joint venture (JV) with TKE to manufacture, supply, install and maintain vertical- and horizontal-transportation systems, outlets including Devdiscourse report. CCI’s approval underscores the transparency and competitiveness of the deal, and indicates the proposed JV does not negatively impact market competition. ATC, a wholly owned subsidiary of the Public Investment Fund of Saudi Arabia, will indirectly acquire roughly 15% of TKE through an investment in a limited liability company established in Luxembourg. The JV, meanwhile, will initially focus on the Saudi market, but may eventually expand to other Middle East countries and North Africa.