thyssenkrupp Industries India (tkII) is pleased to announce that a binding agreement has been executed on January 22, 2024 to initiate the process to divest thyssenkrupp’s entire stake in tkII to M/s Paharpur Cooling Towers Limited and M/s Protos Engineering Co. Private Limited, who are long standing co shareholders of tkII. It is expected that closing would occur in Q2 of the current calendar year upon the conclusion of the regulatory processes.
It is intended and envisaged that thyssenkrupp Polysius and tkII will remain close cooperating partners. In order to ensure seamless business continuity, tkII Cement Division will continue to have access to core technologies of thyssenkrupp’s Business Unit Polysius (Polysius) through a perpetual License Agreement with thyssenkrupp Polysius GmbH. The agreement will enable tkII to continue to provide new-build cement plants and equipment and services to all clients across India, Bangladesh and Nepal. tkII will in turn continue to provide thyssenkrupp Polysius with engineering and manufacturing support globally. While there is a change in the shareholding, the approach to the market and the way we serve our cement customers in India through tkII remains unchanged.
tkII will continue to conduct its large and widespread non cement business (in the field of mining, energy, boilers and sugar and related services) as-is, based on the technology and know how already existing at tkII.
Commenting on the developments, Mr Pablo Hofelich, Chairman of tkII and CEO of thyssenkrupp Polysius said “With this step, the shareholding structure is changing for tkII but with continued commitment and support of Polysius, as a licensor and supplier of critical components, our approach towards tkII cement customers, technology offerings, quality excellence that tkII is known for and overall approach towards industry remains unchanged. While the terms of the agreement remain confidential, we see the new majority shareholders of tkII as the best owners to grow tkII in the future! We are proud of the development of tkII over several decades and also in recent years! We thank the tkII team for their positive contribution towards thyssenkrupp!”
Mr Vikram Swarup and Mr Gaurav Swarup, Chairman & Co Chairman respectively of M/s Paharpur Cooling Towers Limited, which will be the majority shareholder of tkII post closing, commented “tkII is a highly successful and well-regarded entity when it comes to equipment and associated services for the cement, mining, energy and sugar sectors. We are delighted to have reached an agreement with thyssenkrupp in acquiring a leading shareholding at tkII. tkII is not new to us. We have been closely involved in the working and growth of tkII for decades. Mr Vikram Swarup of Paharpur Cooling Towers Ltd and Mr. P.N. Kapadia of Protos India have been on the Board of tkII for years. We are excited about the growth and opportunities that lie ahead!”
Mr Vivek Bhatia, MD & CEO of tkII said “We are confident that the proposed changes in shareholding structure will open up a new chapter of growth and success for the further development of tkII! We look forward to continuing to deliver the latest technologies and high quality of plants, equipment and services to our esteemed customers, as we have been doing for more than seven decades through our highly capable team in India!”
