NYK Establishes Joint Venture with Tata Steel Limited
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,* 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) |