Tata Steel Ltd on Wednesday said its subsidiary TM International Logistics Ltd had divested its entire holding in TM Harbour Services Pvt. Ltd to Adani Ports and Special Economic Zone Ltd for Rs106.27 crore in an all-cash deal.
TKM Global GmbH, Germany; and International Shipping and Logistics FZE, Dubai, hold 74.18% in TM Harbour Services, while subsidiaries of TM International Logistics hold 25.82%, Tata Steel said in a statement.
TM Harbour Services has annual revenue of Rs29 crore. It owns three tug boats and has interests in providing tug services at Dhamra Port, Odisha.
TM International Logistics is a joint venture company between Tata Steel, NYK Holding (Europe) BV, and IQ Martrade. It had revenue of Rs563 crore in fiscal 2016.
Headquartered in Kolkata, the company offers logistics solutions for dry bulk, containerised and project cargo, port operations, shipping, freight forwarding, warehousing and other services.
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Source: Mint
