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Adani Ports and Special Economic Zone (APSEZ) has bought TM Harbour Services, a Tata Steel company, in an all cash deal worth Rs 106 crore, the two companies said in separate statements.
TM Harbour provides tug services at Dhamra Port, Odisha which is owned by APSEZ. It owns three tugs APSEZ said the acquisition will help it to provide seamless marine services at the port. The acquistion will be completed in a week, it added.
TM International Logistics (TMILL) is a subsidiary of Tata Steel. TMILL subsidiaries TKM Global GmbH, Germany and International Shipping and Logistics FZE, Dubai jointly owned TM Harbour Services.
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