Tata Steel and NYK Line have entered into a 50:50 joint venture agreement for setting up a shipping company to cater to dry bulk and break bulk cargo.According to Tata Steel managing director, B Muthuraman, Tata Steel’s future requirements in terms of transportation of large quantities of raw materials and finished steels necessitates strategic control over the logistics operations.“This joint venture is a step in that direction,” said Muthuraman. “Besides we see a huge potential for this company in India.”Hiromitsu Kuramoto, representative director & senior managing corporate officer of NYK Line, said that the relationship between Tata and NYK goes back 100 years, since NYK entered into the Japan-Mumbai trade.“I am so glad to sign this agreement as the opener of the next 100 years relationship with Tata,” said Kuramoto. “Tata Steel and NYK will expand with India’s huge growth potential through this joint venture.”