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