NYK acquires stake in Tata Steel unit
NYK Holding (Europe) B.V., a wholly owed subsidiary of NYK, has acquired a 26 percent stake in TM International Logistics Ltd., a logistics and port operating subsidiary of Indian steel giant Tata.
TMILL was founded in 2002 as a joint venture between Tata Steel Limited and IQ Martrade Holding and Management GmbH, a German company that offers logistics services to steel and related industries. TMILL handles arrangements for the transport of raw materials used to make steel and other products, and also manages related harbor operations for Tata Steel.
'NYK has been working to strengthen its business activities in India, and established the joint venture Tata NYK Shipping Pty. Ltd. with Tata Steel in 2007 in response to the growing transport of raw materials in India,' NYK said in a statement. 'This stock acquisition will allow the NYK Group to use its extensive know-how to contribute more to the supply chain of Tata Steel.