TMILL, a subsidiary of Tata Steel sells its tug business to Adani Ports
Tata Steel Limited today announced that its subsidiary, TM International Logistics Limited (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Pvt. Ltd. (TMHSPL) to Adani Ports and Special Economic Zone Limited (APSEZ) for a total consideration of Rs. 106 crore in an all cash deal.
TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18% and 25.82% equity shares in TMHSPL respectively. TMHSPL with an annual turnover of about Rs. 29 crore is engaged in the business of providing Tug Services at Dhamra Port and owns 3 tug boats.
Incorporated in 2002, TM International Logistics Limited (TMILL) is a joint venture company of Tata Steel, NYK Holding (Europe) BV and IQ Martrade. Headquartered in Kolkata, the Company currently operates from its offices across various cities in India and overseas offices in Dubai, Germany, UK and China. TMILL offers logistics solutions for Dry Bulk, Containerised and Project Cargo and wide range of logistics services viz. Port operations, Shipping, Freight forwarding, Custom House Agency, Inland Logistics, Warehousing, Tugging and Ship Agency. TMILL recorded an annual revenue of Rs 563 crore in FY16.
About Tata Steel
Tata Steel Group stands among the top global steel companies with an annual crude steel capacity of 28 million tonnes per annum (MnTPA) and a turnover of US $17.69 billion in FY16. It is the world's second-most geographically-diversified steel producer, with operations in 26 countries and commercial presence in over 50 countries. Established in 1907, the Group’s vision is to be the world steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency. Having bagged the Deming Application Prize and Deming Grand Prize for continuous improvement in 2008 and 2012 respectively, Tata Steel has now been recognised as the global ‘Industry Leader’ in ‘Steel category’ by Dow Jones Sustainability Index. Besides being one of ‘worldsteel’s’ Climate Action members, it has also been awarded the CII ITC Sustainability Prize, the ‘Best-in-class Manufacturing’ by TIME Award, the Prime Minister’s Trophy for the best performing integrated steel plant, among several others.
Statements in this press release describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.
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