Tata Steel and Nippon Yusen 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. Tata Steel and NYK will each hold 50% stake in the joint venture company. The agreement was signed in Jamshedpur today by Mr. Hiromitsu Kuramoto, Representative Director and Senior Managing Corporate Officer, NYK Line and Mr. B Muthuraman, Managing Director, Tata Steel.

Mr. B Muthuraman, Managing Director, Tata Steel said “In future Tata Steel would require to transport large quantities of raw materials and finished steels, 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.”

Mr. Hiromitsu Kuramoto, Representative Director and Senior Managing Corporate Officer, NYK Line said “Already, Tata and NYK have about 100 years relationship, after NYK entered into Japan-Mumbai Trade. Today, I am so glad to sign this agreement as the opener of 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 around 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 harbor 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.

About Tata Steel Limited

Established in 1907, Tata Steel is Asia’s first and India’s largest private sector steel company. Tata Steel is a vertically integrated manufacturer and is one of the world’s most profitable and value creating steel companies. The company operates a 5 MTPA (million tonne per annum) plant at Jamshedpur, India and has included in its fold NatSteel Asia (2 MTPA) and Millennium Steel, Thailand (1.7MTPA) creating a manufacturing network in eight markets in South East Asia and Pacific rim countries. Jamshedpur Plant is being expanded to 10 MTPA.