News Releases in 2006
December 5 2006
Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-ku, Tokyo; President: Koji Miyahara) and the largest steel producer in India, Tata Steel Limited,*1 have established a joint venture that will handle bulk cargo and the like arriving in and departing from India. A signing ceremony was held on December 4, 2006, at the head office of Tata Steel Limited, located in Jamshedpur, East India. Mr. B. Muthuraman, president of Tata Steel Limited, and Mr. Mistuharu Kuramoto, senior managing corporate officer at NYK, were in attendance.
The joint venture was established with the aim of meeting the expanding demands for transporting energy and setting up infrastructure in India, where the economy is growing by approximately 8 percent a year. NYK and Tata Steel each contributed US$5 million in capital to the new joint venture, which will be headquartered in Singapore.
The establishment of this joint venture is based on a relationship that has existed between NYK and the Tata Group since 1893, when the two jointly opened a Bombay route. NYK is proud of the relationship that it has maintained with the Tata Group for over a hundred years.
Outline of Tata Steel Limited
| Equity ownership | NYK 50%; Tata Steel Limited 50% |
|---|---|
| Capital | US$10 million |
| Head Office | Singapore (details, including employee number, have yet to be determined) |
| *1. | Tata Steel Limited is one of the main companies in the Tata Group, and the largest private steel producer in India since 1970. Its main steel plant is located in Jamshedpur, East India, and can produce five million tons of raw steel per year. The company has two subsidiaries-NatSteel Asia Pte. Ltd. (in Thailand), which can produce two million tons of raw steel per year, and Millennium Steel Plc. Ltd., which can produce 1.7 million tons of raw steel per year. The Tata Group is one of the two largest industrial conglomerates in India, and the largest in terms of property. The group has all types of businesses, including the following: Tata Limited, a steel producer; Tata Motors, a car manufacturer; Tata Power, a power company; Tata Consultancy Services (TCS), a software manufacturer; and Tata Tea, a tea producer and distributor. |
