NYK Holdings takes stake in TM International Logistics.
NYK Holdings (Europe) has acquired a 26% stake in a logistics and harbour operation services subsidiary of Indian steel giant, Tata Steel.
The Dutch based subsidiary of Japanese shipping line Nippon Yusen Kaisha, paid an undisclosed amount for its shareholding in TM International Logistics, located in Kolkata, in the Indian state of West Bengal.
TM International was set up in 2002 as a joint venture between Tata Steel, with 51% of the shares and Germany's IQ Martrade Holding and Management with the remaining 49%. The outfit handles arrangements for the transport of raw materials used to make steel and other products and also manages related harbour operations for Tata Steel.
?This stock acquisition will allow the NYK group to use its extensive know-how to contribute more to the supply chain of Tata Steel,? NYK said in a statement.
Following the acquisition, Tata Steel's holding will remain unchanged while IQ Martrade's holding will be reduced to 23%.
NYK said it was working hard to strengthen its presence in India. In 2007 the company established the joint venture Tata NYK Shipping with Tata Steel in response to the growing transport of raw materials in India.
Tata Steel is the largest private steel producer in India and one of the main companies in the Tata Group.
In West Bengal the company has a wholly owned subsidiary, Hoogly Met Coke and Power Co which was set up in 2005 to produce low ash metallurgical coke. According to the company"s website, capacity at the plant was expected to reach 1.6m tonnes per annum by the end of 2009.