December 07, 2016

TM International Logistics, a subsidiary of Tata Steel, sells its tug business to Adani Ports

Mumbai: Tata Steel today announced that its subsidiary, TM International Logistics (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Private Limited (TMHSPL) to Adani Ports and Special Economic Zone Limited (APSEZ) for a total consideration of Rs106 crore in an all cash deal.

TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18 percent and 25.82 percent equity shares in TMHSPL respectively. TMHSPL with an annual turnover of about Rs29 crore is engaged in the business of providing tug services at Dhamra Port and owns three tug boats.