CCI Clears Nippon Steel's Acquisition Of Remaining Stake In Krosaki Harima

The Competition Commission of India (CCI) has cleared Japanese steel major Nippon Steel Corporation's move to take full control of Krosaki Harima Corporation, according to a press release issued on January 6, 2026.

The approval relates to a tender offer under which Nippon Steel will acquire an additional 53.4 percent stake in Krosaki. Nippon Steel already holds 46.6 percent in the company, and once the transaction is completed, its shareholding will rise to 100 percent, making Krosaki a wholly owned subsidiary. The transaction also allows for a squeeze-out of the remaining public shareholders, if the legal thresholds are met.

Nippon Steel already has a presence in India through several manufacturing and trading businesses. These include making tubes and pipes, processing automotive steel, producing crankshafts and auto components, and importing and selling steel products.

Krosaki, which is listed in Japan, operates in India indirectly through its affiliate entities. It supplies refractory products that are used in key industrial sectors such as steel, cement, power, aluminium, lime and copper.

In its filing, the parties told the regulator that the transaction would not change Krosaki's operations in India and would not result in any competitive overlap that could affect the market. They also pointed out that Nippon Steel already exercised significant influence over Krosaki as an existing shareholder and that the acquisition merely consolidates ownership without altering market dynamics.

After reviewing the proposal, the Commission said it did not find any competition concerns arising from the acquisition. The regulator added that a detailed order will be issued in due course, setting out its reasoning for approving the transaction.

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