Tata Steel and Nippon Yusen Kabushiki Kaisha (NYK Line) have 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 Jamshedpur today by Hiromitsu Kuramoto, representative director and senior managing corporate officer, NYK Line, and B Muthuraman, managing director, Tata Steel.

Speaking about the joint venture, Muthuraman said, "In future, Tata Steel will be required to transport large quantities of raw materials and finished steel, 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."

Hiromitsu Kuramoto, representative director and senior managing corporate officer, NYK Line, said, "Already, Tata and NYK have a 100-year relationship, after NYK entered into Japan-Mumbai trade. Today, I am so glad to sign this agreement as the beginning of the next 100-years relationship with Tata. Tata Steel and NYK will expand with India's huge growth potential through this joint venture."

About Nippon Yusen Kabushiki Kaisha
Nippon Yusen Kabushiki Kaisha is one of the world's leading transportation companies. The NYK Group operates approximately 700 major ocean vessels, as well as fleets of planes, trains, and trucks. The company's shipping fleet includes 130 container ships, 210 bulk carriers, 40 wood-chip carriers, 100 car carriers, 25 reefer carriers, 55 tankers, 20 LNG carriers, and three cruise ships. NYK's revenue in fiscal 2005 was $16 billion, and as a group, NYK employs about 33,000 people worldwide. The company has offices in 240 locations in 27 countries, warehouses in every continent, and harbour operations in Asia, North America, and Europe. NYK is based in Tokyo, and has regional headquarters in London, New York, Singapore, Hong Kong, Shanghai, Sydney, and Sao Paulo.