Tata Steel & NYK Line sign Joint Venture Agreement

Tata Steel Ltd has announced that the Company and Nippon Yasen Kabushiki Kaisha (NYK Line) entered into a joint venture agreement for Setting up a shipping company to cater to dry bulk and break bulk cargo. The Company and NYK will each hold 50% stake in the joint venture company. The agreement was signed at Jamshedpur on December 04, 2006 by Mr Hiromitsu Kuramoto, Representative Director and Senior Managing Corporate Officer, NYK Line and Mr B Muthuraman, Managing Director, of the Company.

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.

Source : Equity Bulls

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