Tata Steel to buy 23% TMILL stake for ₹335 cr
Business
Tata Steel has agreed to buy a 23% stake in TM International Logistics Ltd (TMILL) from Germany's Martrade for ₹335 crore, ending its 25-year partnership.
Once the deal closes, Tata Steel will own 74% of TMILL, while Japan's NYK holds the rest.
TMILL mainly handles shipping raw materials and steel products, pretty key for Tata Steel's business.
Tata Steel profit up 19%
This move fits right into Tata Steel's global growth plans and should boost how efficiently it moves stuff around the world.
On top of that, Tata Steel posted solid numbers this quarter: net profit jumped 19% to ₹2,385 crore and revenue hit ₹60,412 crore.
Tata Steel is also investing ₹33,873 crore to expand its Odisha plant by 4.8 million tons, aiming to strengthen its long product lineup even more.