November 23, 2024 00:45 (IST)
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TMILL, a subsidiary of Tata Steel sells its tug business to Adani Ports
Mumbai, Dec 7 (IBNS): Tata Steel Limited on Wednesday announced that its subsidiary, TM International Logistics Limited (TMILL) has divested entire stake in its wholly owned step down subsidiary TM Harbour Services Pvt. Ltd. (TMHSPL) to Adani Ports and Special Economic Zone Limited (APSEZ) for a total consideration of Rs. 106 crore in an all cash deal.
TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai, subsidiaries of TMILL, hold 74.18% and 25.82% equity shares in TMHSPL respectively.
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.
Imge:wikimedia commons
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