Tata Steel, NYK Line enter into 50:50 JV

New Delhi, Dec 4 (UNI) Tata Steel Ltd today said it has entered into a 50:50 joint venture with Nippon Yasen Kabushiki Kaisha (NYK Line) for setting up a shipping company to cater to dry bulk and break bulk cargo.

The financial details of the JV were not available.

The agreement was signed by Mr Hiromitsu Kuramoto, Representative Director and Senior Managing Corporate Officer, NYK Line and Mr B Muthuraman, Managing Director, Tata Steel.

Nippon Yusen Kabushiki Kaisha, one of the world's leading transportation companies operates 700 major ocean vessels, as well as fleets of planes, trains, and trucks.

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