MUMBAI: Tata Steel is severing a quarter-century-old partnership with Germany’s Martrade, buying out the logistics group’s 23% stake in their joint shipping venture for Rs 335 crore.The steelmaker is acquiring 41.4 lakh equity shares in TM International Logistics from IQ Martrade Holding Und Management, taking its holding from 51% to 74% once the deal closes; Japan’s NYK stays put on its 26% slice.The transaction unwinds a JV agreement dated July 26, 2001- predating its major overseas expansion, including the acquisition of Corus-that had bound Tata Steel, Martrade and NYK in a venture shuttling the Indian company’s raw materials and finished steel by sea since the turn of the century.The board also signed off on a larger commitment of Rs 33,873 crore to expand capacity at Neelachal Ispat Nigam by 4.8 million tonnes. The Odisha plant, picked up from govt in a privatisation sale, is being folded into Tata Steel through an amalgamation process. The expanded capacity will bolster its long products portfolio, the company said, where demand for its branded retail offerings has been running hot.Tata Steel’s net profit for the quarter rose 19% to Rs 2,385 crore on higher price realisation, while revenue from operations climbed 15% to Rs 60,412 crore in Q1 FY27. It spent Rs 3,579 crore on capital expenditure over the quarter.
