CCI competition order C-2026/01/1367 · 27 Jan 2026
Official title
1. Elliott Associates, L.P. 2. Elliott International, L.P. 3. The Liverpool Limited Partnership
Summary
Check the official recordThe Competition Commission of India approves the acquisition of equity shareholding and voting rights of Toyota Industries Corporation by Elliott Associates, L.P., Elliott International, L.P., and The Liverpool Limited Partnership. The Acquirers intend to purchase shares on the Tokyo Stock Exchange or the Nagoya Stock Exchange. The Commission assesses the vertical linkages between the material handling equipment market and mine developer and operator services market. It finds that the market shares of the parties remain low and formidable competitors exist in these sectors. The Commission concludes that the combination does not cause an appreciable adverse effect on competition in India. The approval remains subject to the accuracy of the information provided by the Acquirers.
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COMPETITION COMMISSION OF INDIA Combination Registration No. C-2026/01/1367
27th January 2026
Notice under Section 6(2) of the Competition Act, 2002 given by Elliott Associates, L.P., Elliott International, L.P. and The Liverpool Limited Partnership.
CORAM:
Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member
Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
On 14th January 2026, the Competition Commission of India (Commission) received a Notice under Section 6(2) of the Competition Act, 2002 (Act) given by Elliott Associates, L.P. (Elliott Associates), Elliott International, L.P. (Elliott International), and The Liverpool Limited Partnership (Liverpool) (hereinafter, collectively known as the ‘Acquirers’) in relation to acquisition of certain equity shareholding and voting rights of Toyota Industries Corporation (TICO/Target) by the Acquirers (the Acquirers and the Target are collectively referred to as ‘Parties’).
The Notice was filed pursuant to resolution dated 8th January 2026 executed by the managing member of the general partner of Elliott Investment Management L.P. (EIM/Investment Manager) recording the authorisation/written consent for the proposed combination.
The proposed combination envisages acquisition of certain equity shareholding and voting rights of the Target, by the Acquirers, through one or more on-market purchase(s) on the Prime Market of the Tokyo Stock Exchange (TSE) and/or the Premier Market of the Nagoya Stock Exchange (Nagoya SE) (Proposed Combination).
Elliott Associates is a limited partnership, which is managed and/or advised by EIM.
Elliott International is a limited partnership, which is managed and/or advised by EIM.
Liverpool is a limited partnership which is managed and/or advised by EIM.
EIM is a United States based investment manager. It employs a multi-strategy trading approach that encompasses a broad range of strategies, including, without limitation: equity-oriented, private equity and private credit, distressed securities, non-distressed debt, hedge/arbitrage, real estate-related securities, commodities trading and portfolio volatility protection.
Elliott Investment Management GP LLC (EIM GP), a Delaware limited liability company, is the sole general partner of EIM. As mentioned above, the Acquirers are limited partnerships which are managed and/or advised by EIM. EIM GP, EIM, their respective affiliates and controlled entities of such affiliates comprise the ‘Elliott Group’.
The Target is a Japan based entity listed on the TSE and Nagoya SE. In India, the Target is primarily engaged in businesses which can be broadly classified into the following categories: i) Material handling equipment and services, including spare parts, maintenance, fleet management services and rental services; ii) Provision of automated logistics solutions; and, iii) Manufacture and sale of textile machinery.
For the purpose of competition assessment, the Commission considered the activities of Elliot Group in India on one hand and the Target, including its affiliates, in India on the other. Based on the information contained in the Notice, no horizontal overlaps were observed. Of the vertical linkages identified in the Notice, the Commission considered the linkage arising from the presence of Target in the market for manufacture, sale and rental of material handling equipment (including attachments and implements) in India (Material handling equipment market) and presence of Elliot Group in market for provision of mine developer and operator (MDO) services in India (MDO services market) for the purposes of competition assessment.
The Commission noted the presence of Parties in the aforesaid markets and observed that the market share of the Parties is merely [0-5]% in Material handling equipment market and MDO services market. Further, these markets are characterised by presence of formidable competitors. Considering the same, the Proposed Combination is not likely to cause any change in competition dynamics of any plausible relevant market that could have been delineated and accordingly the question of exact delineation of relevant market(s) is left open.
Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.
The order may be revoked if, at any time, the information provided by the Acquirers is found to be incorrect.
The information provided by the Acquirers shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.
The Secretary is directed to communicate to the Acquirers accordingly.
