NYK purchases stake in Tata Logistics arm

NYK Holdings, a wholly-owned subsidiary of NYK, recently acquired a 26 per cent stake in TM International Logistics (TMILL), a subsidiary of India's largest steelmaker, Tata Steel.

Founded in 2002 as a joint venture between Tata Steel and Germany's IQ Martrade, TMILL specialises in the provision of steel-related logistics and harbour operation services.

The acquisition marks NYK's latest bid in its on-going effort to strengthen its position in the India. In 2007 the company established Tata NYK Shipping Pty Ltd a joint venture with Tata designed to tap the growing demand for transportation of raw materials, both in and out of the sub-continent.

(Source: www.schednet.com)