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FINWIRES

Tata Steel Completes 23% Acquisition of TM International Logistics

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Tata Steel (BOM:500470, NSE:TATASTEEL) completed the acquisition of a 23% stake in TM International Logistics for 3.35 billion rupees, according to a Thursday filing.

The company acquired 4.1 million shares from IQ Martrade Holding and Management, following approval from the Competition Commission of India.

Following the transaction, Tata Steel holds a 74% stake in TM International Logistics, while NYK Holding Europe retains 26%.

TM International Logistics has consequently become a subsidiary of Tata Steel.

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