May 01, 2003 | Business Standard
Tata Steel logistics arm, Italian firm in tie-up
Steel's logistic arm, TM International Logistics Ltd
(TMIL), has proposed to set up a Rs150 crore transloading
facility in the Bay of Bengal to handle cargo from capesize
vessels. TMIL has formed an alliance with Coeclerici
Spa of Italy for the purpose. According to the agreement
signed between TMIL and the Italian entity, the transloading
facility would handle capesize vessels for at least
seven months a year, at sandheads on the mouth of the
Ganges, SC Saxena, managing director, TMIL, said.
TMIL was set up as a subsidiary company of Tata Steel, and completed its first year of operations in March. "Coeclerici has sought a guarantee of a draft of 10.5 metres at Sagar by 2004, which is also the target set by Kolkata Port Trust which maintains the channel," said Saxena. The facility would greatly enhance the volume of cargo passing through the Kolkata port system and generate large revenues.