India's Tata Steel and NYK set up JV shipping company

India's Tata Steel and Japan's biggest shipping line NYK have entered into a joint venture agreement for setting up a shipping company, the Press Trust of India reports.The joint-venture company would cater to dry bulk and break bulk cargo, and each party would hold a 50 per cent stake in the JV entity, according to Tata Steel, which informed the Bombay Stock Exchange of the agreement. The deal was signed at Jamshedpur by Tata Steel's managing director B Muthuraman and Hiromitsu Kuramoto, NYK Line's representative director and senior managing corporate officer. The NYK Group operates around 700 major ocean vessels and fleets of planes, trains and trucks, the report said.