thyssenkrupp Industries India (tkII) Undergoes Change in Ownership Structure

India, Mar 01, 2024: thyssenkrupp Industries India (tkII) has announced a significant change in its ownership structure, signaling a new phase of growth and development for the renowned industrial entity. A binding agreement, executed on January 22, 2024, marks the initiation of thyssenkrupp’s divestment of its entire stake in tkII to M/s Paharpur Cooling Towers Limited and M/s Protos Engineering Co. Private Limited, longstanding co-shareholders of tkII. The anticipated closing of this transaction is slated for the second quarter of the current calendar year, subject to regulatory approvals.

Despite this change in ownership, tkII’s strategic partnership with thyssenkrupp Polysius is set to endure. A perpetual License Agreement with thyssenkrupp Polysius GmbH ensures that tkII’s Cement Division will retain access to core technologies, enabling the continued provision of new-build cement plants and equipment, as well as services across India, Bangladesh, and Nepal. In turn, tkII will continue to offer engineering and manufacturing support to thyssenkrupp Polysius globally, ensuring uninterrupted business operations.

Mr. Pablo Hofelich, Chairman of tkII and CEO of thyssenkrupp Polysius, emphasized the continuity of commitment and support: “While the shareholding structure undergoes transformation, our dedication to tkII’s cement customers, technology offerings, and quality excellence remains steadfast. We are confident that the new majority shareholders will propel tkII’s growth in the future.”

The incoming majority shareholders, Mr. Vikram Swarup and Mr. Gaurav Swarup, Chairman & Co-Chairman respectively of M/s Paharpur Cooling Towers Limited, expressed their enthusiasm for the acquisition: “tkII holds a prestigious position in the sectors of cement, mining, energy, and sugar, and we are honored to be entrusted with a leading shareholding. With our longstanding association with tkII, we are optimistic about the promising opportunities that lie ahead.”

Mr. Vivek Bhatia, MD & CEO of tkII, echoed this sentiment, stating, “The proposed changes in shareholding structure herald a new era of growth and success for tkII. We remain committed to delivering cutting-edge technologies and high-quality products and services to our esteemed customers, building upon our seven-decade legacy of excellence.”

The transition in ownership structure marks a pivotal moment for tkII, poised to embrace fresh opportunities and continue its legacy of innovation and customer-centric solutions in the industrial landscape.