Tata Steel sells tug services arm to Adani Ports for Rs 106 cr

By: |
New Delhi | Updated: December 07, 2016 8:36 PM

A Tata Steel subsidiary has sold its tug services firm to Adani Ports and Special Economic Zone (APSEZ) for Rs 106 crore in an all-cash deal.

"TM International Logistics Ltd (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Pvt Ltd (TMHSPL) to APSEZ for a total consideration of Rs 106 crore in an all-cash deal," Tata Steel said in a statement. (Reuters)“TM International Logistics Ltd (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Pvt Ltd (TMHSPL) to APSEZ for a total consideration of Rs 106 crore in an all-cash deal,” Tata Steel said in a statement. (Reuters)

A Tata Steel subsidiary has sold its tug services firm to Adani Ports and Special Economic Zone (APSEZ) for Rs 106 crore in an all-cash deal.

“TM International Logistics Ltd (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Pvt Ltd (TMHSPL) to APSEZ for a total consideration of Rs 106 crore in an all-cash deal,” Tata Steel said in a statement. TMILL is a subsidiary of the steel major.

TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai — subsidiaries of TMILL, hold 74.18 per cent and 25.82 per cent equity shares in TMHSPL, respectively, it added.

Watch what else is making news:


TMHSPL with an annual turnover of about Rs 29 crore is engaged in the business of providing tug services at Dhamra Port and owns 3 tug boats.

Set up in 2002, TMILL is a joint venture company of Tata Steel, NYK Holding (Europe) BV and IQ Martrade.

The firm operates from its offices across various cities in India and overseas offices in Dubai, Germany, UK and China. It offers logistics solutions for Dry Bulk, Containerised and Project Cargo and wide range of logistics services.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
15,000 SMEs to suffer huge losses if coal crisis not addressed for primary aluminium industry: IIVCC
2MacBook Pro (2021), AirPods (3rd Generation) shipping delayed in India; check new sale date here
3Banks sanctions Rs 11,168 cr under credit outreach initiative