The Competition Commission of India has approved Alat Technologies' acquisition of shares in TKE Group and the formation of a joint venture between Alat Technologies and TKE Group.

The proposed deal involves (a) Alat Technologies Company (ATC) indirectly acquiring a 15 per cent stake in TKE Group through its investment in Vertical Topco S.à r.l. (Proposed Topco Investment) and (b) the establishment of a joint venture (KSA JV) between ATC and TKE Group (Proposed KSA JV Transaction).

ATC, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), operates globally and focuses on manufacturing in sectors like semiconductors, smart devices, smart buildings, AI infrastructure, and next-generation industrial technologies.

Vertical Topco, based in Luxembourg, is the holding company of TKE Group, which provides elevator, escalator, and related services in over 60 countries. The proposed KSA JV will focus on manufacturing, supplying, installing, and maintaining vertical and horizontal transportation systems primarily in Saudi Arabia, with potential expansion across the MENA region.

The Commission’s detailed order will follow.