Tata Steel in JV with NYK Line for shipping company

Tata Steel and Japan-based Nippon Yasen Kabushiki Kaisha (NYK Line) have entered into a joint venture agreement for setting up a shipping company.The joint venture company would cater to dry bulk and break bulk cargo. Tata Steel and NYK would hold 50 per cent stake each in the JV entity, Tata Steel informed the Bombay Stock Exchange. The agreement was signed at Jamshedpur by Tata Steel Managing Director B Muthuraman and Hiromitsu Kuramoto, NYK Line Representative Director and Senior Managing Corporate Officer. NYK is one of the world's leading transportation companies. The NYK Group operates around 700 major ocean vessels and fleets of planes, trains and trucks. Tata Steel shares of the company closed at Rs 468.10, down 0.02 per cent on the BSE.