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Tata Steel sells tug services unit to Adani Ports for $15.7 mn
Reuters | Photo Credit: 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.

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.

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