KONE and TK Elevator (TKE) have sought approval from the Competition Commission of India (CCI) for the merger of their businesses in India, following KONE’s proposed global combination with TKE. The India filing is part of the regulatory process for the €29.4 billion global transaction announced in April 2026.
The global transaction was agreed through a combination of cash and shares and implies an enterprise value of €29.4 billion for TKE. Completion remains subject to regulatory and shareholder approvals and is expected no earlier than the second quarter of 2027.
KONE and TKE operate across the elevator and escalator industry, including installation, maintenance and modernization services. KONE recorded annual sales of €11.2 billion in 2025, while TKE reported sales of €9.2 billion for fiscal year 2024/25. TKE has around 50,000 employees globally, while KONE had more than 60,000 employees at the end of 2025.
The proposed combination would create a global elevator and escalator business with approximately €20.5 billion in annual sales based on the companies’ respective latest financial years. The combined group would also have around 3.2 million units under maintenance.
The CCI filing marks the next regulatory step for the India operations as KONE and TKE progress with the broader global combination.