Tata Steel and the shipping line Nippon Yusen Kabushiki Kaisha 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 percent stake in the joint venture company. 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."
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