KONE Corporation has approached the Competition Commission of India (CCI) for approval to acquire sole control of TK Elevator’s Indian business operations, extending the proposed global combination between two of the elevator industry’s largest companies into one of its most important growth markets.
The filing is part of KONE’s proposed acquisition of TK Elevator, announced in April 2026 through a cash-and-share transaction that values TKE at an enterprise value of €29.4 billion. The global deal remains subject to regulatory clearances and is expected to close no earlier than the second quarter of 2027.
In India, both companies operate across the core vertical transportation lifecycle, including the installation of new elevators and escalators, maintenance and repair services, and modernisation. TK Elevator also serves the moving-walk segment. The CCI will assess the overlap between the two businesses and determine whether the proposed transaction could materially affect competition in these markets.
KONE has stated that the combination is designed to bring together complementary strengths. KONE has a significant presence in Asia, while TKE has built a strong service and modernisation platform, particularly in the Americas. Globally, the combined company is projected to generate approximately €20.5 billion in annual sales and manage around 3.2 million units under maintenance.
Service and modernisation are expected to be central to the proposed group’s future strategy. Together, these activities would account for roughly 65% of the combined company’s illustrative annual sales. KONE expects the transaction to generate about €700 million in annual pre-tax cost synergies, driven by a denser service network, stronger research and development capabilities, purchasing efficiencies and shared operational platforms.
For India’s vertical transportation sector, the proposed transaction is especially significant because both brands have a meaningful presence in large commercial, residential, infrastructure and urban-development projects. As high-rise construction, metro networks, airport upgrades and building modernisation continue to expand, the market for installation and long-term maintenance contracts is becoming increasingly strategic.
The companies have told the CCI that the transaction does not create an appreciable adverse effect on competition in India. However, the regulator’s review will be closely watched by developers, consultants, facility managers and industry participants, particularly in segments where reliable service coverage, response times and lifecycle support are key purchasing considerations.
The transaction is still pending approval and no operational integration in India has been completed. If cleared, it would mark one of the most consequential developments in the global elevator and escalator industry in recent years.
Sources: KONE announcement, CCI transaction summary, Economic Times report