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TM International Logistics, a subsidiary of Tata Steel, has sold its wholly-owned subsidiary TM Harbour Services to Adani Ports and Special Economic Zone for Rs 106 crore in an all cash deal.
TM International Logistics subsidiaries TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai own 74.18 per cent and 25.82 per cent equity shares in TM Harbour Services which registered annual turnover of about Rs 29 crore. It is engaged in the business of providing tug services at Dhamra Port and owns three tug boats.
Incorporated in 2002, TM International Logistics is a joint venture company of Tata Steel, NYK Holding (Europe) BV and IQ Martrade. Headquartered in Kolkata, the company currently operates from its offices across various cities in India and overseas offices in Dubai, Germany, UK and China.
TM International offers logistics solutions for dry bulk, containerised and project cargo and wide range of logistics services including port operations, shipping, freight forwarding, custom house agency, inland logistics, warehousing, tugging and ship agency. The company recorded an annual revenue of Rs 563 crore in FY’16.
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