Tata Steel and NYK Line Sign Joint Venture Agreement
Jamshedpur, Dec 05 (UNI) Steel major Tata Steel and Nippon Yusen Kabushiki Kaisha(NYK Line), one of the world's largest transportation companies, entered into a joint venture agreement for setting up a shipping company to cater to dry bulk and break bulk cargo.
Tata Steel and NYK will each hold 50 per cent stake in the joint venture company.
The agreement was signed in here today by Hiromitsu Kuramoto, Representative Director and Senior Managing Corporate Officer, NYK Line and B Muthuraman, Managing Director, Tata Steel.
Signing the agreement, Mr Muthuraman said in future Tata Steel would require to transport large quantities of raw materials and finished steels, which necessitates strategic control over logistics. This joint venture is a step in that direction. Besides we see a huge potential for this company in India, he said.
Mr Kuramoto said Tata and NYK already have about 100 years relationship, after NYK entered into Japan-Mumbai Trade. ''Today, I am so glad to sign this agreement as the opener of next 100 years relationship with Tata. Tata Steel and NYK will expand with India's huge growth potential through this joint venture.'', he stated.
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