Competition Commission clears Toho Titanium-Nippon Steel deal

TTC is to purchase 34% in a newly incorporated subsidiary NSSNTC

Fair trade watchdog CCI has approved the proposed acquisition of 34 stake by Japanese firm Toho Titanium in a subsidiary of Nippon Steel & Sumitomo Metal Corporation (NSSMC), saying the deal would not have any adverse impact on competition in India.

Toho Titanium Co (TTC), a manufacturer of titanium products, is to purchase 34% in a newly  incorporated subsidiary -- Nippon Steel & Sumikin Naoetsu Titanium Co (NSSNTC).

In its order, CCI said the parties to the combination are engaged in the manufacture and sale of titanium products globally.

"However, neither TTC (Toho Titanium Co) nor NSSMC is engaged in the business of titanium products in India. There are also no vertical arrangements between the parties to the combination in India prior to or after the proposed combination.

"The proposed combination, therefore, is not likely to give rise to any adverse competition concern in India," Competition Commission of India (CCI) said in its order dated October 22.

NSSMC has presence in India through its various subsidiaries but none of them are dealing in businesses related to titanium/titanium products.