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Sical expects its Rs 594 cr iron ore terminal at Ennore to start next quarter finally

Company contemplating to venture into carrying project cargoes and cars through coastal movement

T E Narasimhan  |  Chennai 

Sical expects its Rs 594 cr iron ore terminal at Ennore to start next quarter finally

Group firm Logistics is expecting its iron ore terminal at Ennore, near Chennai, to be operational from the next quarter of the current fiscal, after a delay of almost two years. The company had invested Rs 594 crore in the project.

CCD's retail chain owner V G Siddhartha has ventured into the logistics business by acquiring majority stake in Logistics from Spic Group in 2010.

Besides, the company is contemplating to venture into carrying project cargoes and cars through coastal movement and planning to take its road logistics and cold chain business pan-India.

The company has now reached an agreement with authorities to make the asset productive from the next quarter of the current fiscal.

According to company's recent annual report, Iron Ore Terminals Limited is non operational due to ban on iron ore exports and an investment of Rs 594 crores as at June 30, 2015 was lying idle.

The Ministry of Shipping, port and the company have reached an agreement whereby, the terminal will become productive during the next quarter of the current financial year. "We expect to put an end to negative cash flows and start reaping benefits," said company's Chairman R Ram Mohan, at the recently held shareholders meet.

The company had handled 26 million tonnes of bulk cargo in the ports of Ennore, Chennai, Tuticorin, Visakhapatnam and Mangalore during the year.

Commenting on Road Logistics he said Sical's cold chain operations which cater to outlets has been established well and the company shall be ready to move to the next platform of undertaking retail logistics.

The conventional road transportation business has been re-launched with focus on acceptable margins, timely collections and large contracts with better serviceability, he said.

The road logistics and cold chain division handled a cargo of 4.31 million MT of cargo during the year. This division also provides support in the integrated logistics sector for movement of coal and surface mining projects. Apart from this, the Company operates cold chain refrigerated vehicles for the movement of food items currently in Chennai, Bangalore and Hyderabad. propose to increase the operation on pan-India basis, he said.

Mohan said the setting up of railway terminals at Bangalore and Chennai are in progress. "We have to pass through many hurdles in acquisition of the contiguous parcels of land and getting various statutory approvals. Once this process is completed, the railway segment will become a highly profitable business segment of the company".

which has been handling bulk cargoes, including coal, dolomite, limestone and steel products is now contemplating to venture into carrying project cargoes and cars through coastal movement.

The company is already bullish on rail-sea movement of coal. It has said it would offer Rail-Sea movement of coal for Neyveli Lignite Corporation and the scope of the business is to lift coal from the mine pit of Mahanadi coalfields in the state of Orissa, get it washed in the washeries established by the company and provide transportation to the power plant of Neyveli Lignite

Corporation located at Tuticorin vide road, rail and sea movement.

"We expect this business to commence by next month. This business segment of integrated logistics is expected to take your company to new heights," said Mohan.

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Sical expects its Rs 594 cr iron ore terminal at Ennore to start next quarter finally

Company contemplating to venture into carrying project cargoes and cars through coastal movement

Company contemplating to venture into carrying project cargoes and cars through coastal movement Group firm Logistics is expecting its iron ore terminal at Ennore, near Chennai, to be operational from the next quarter of the current fiscal, after a delay of almost two years. The company had invested Rs 594 crore in the project.

CCD's retail chain owner V G Siddhartha has ventured into the logistics business by acquiring majority stake in Logistics from Spic Group in 2010.

Besides, the company is contemplating to venture into carrying project cargoes and cars through coastal movement and planning to take its road logistics and cold chain business pan-India.

The company has now reached an agreement with authorities to make the asset productive from the next quarter of the current fiscal.

According to company's recent annual report, Iron Ore Terminals Limited is non operational due to ban on iron ore exports and an investment of Rs 594 crores as at June 30, 2015 was lying idle.

The Ministry of Shipping, port and the company have reached an agreement whereby, the terminal will become productive during the next quarter of the current financial year. "We expect to put an end to negative cash flows and start reaping benefits," said company's Chairman R Ram Mohan, at the recently held shareholders meet.

The company had handled 26 million tonnes of bulk cargo in the ports of Ennore, Chennai, Tuticorin, Visakhapatnam and Mangalore during the year.

Commenting on Road Logistics he said Sical's cold chain operations which cater to outlets has been established well and the company shall be ready to move to the next platform of undertaking retail logistics.

The conventional road transportation business has been re-launched with focus on acceptable margins, timely collections and large contracts with better serviceability, he said.

The road logistics and cold chain division handled a cargo of 4.31 million MT of cargo during the year. This division also provides support in the integrated logistics sector for movement of coal and surface mining projects. Apart from this, the Company operates cold chain refrigerated vehicles for the movement of food items currently in Chennai, Bangalore and Hyderabad. propose to increase the operation on pan-India basis, he said.

Mohan said the setting up of railway terminals at Bangalore and Chennai are in progress. "We have to pass through many hurdles in acquisition of the contiguous parcels of land and getting various statutory approvals. Once this process is completed, the railway segment will become a highly profitable business segment of the company".

which has been handling bulk cargoes, including coal, dolomite, limestone and steel products is now contemplating to venture into carrying project cargoes and cars through coastal movement.

The company is already bullish on rail-sea movement of coal. It has said it would offer Rail-Sea movement of coal for Neyveli Lignite Corporation and the scope of the business is to lift coal from the mine pit of Mahanadi coalfields in the state of Orissa, get it washed in the washeries established by the company and provide transportation to the power plant of Neyveli Lignite

Corporation located at Tuticorin vide road, rail and sea movement.

"We expect this business to commence by next month. This business segment of integrated logistics is expected to take your company to new heights," said Mohan.

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Business Standard
177 22

Sical expects its Rs 594 cr iron ore terminal at Ennore to start next quarter finally

Company contemplating to venture into carrying project cargoes and cars through coastal movement

Group firm Logistics is expecting its iron ore terminal at Ennore, near Chennai, to be operational from the next quarter of the current fiscal, after a delay of almost two years. The company had invested Rs 594 crore in the project.

CCD's retail chain owner V G Siddhartha has ventured into the logistics business by acquiring majority stake in Logistics from Spic Group in 2010.

Besides, the company is contemplating to venture into carrying project cargoes and cars through coastal movement and planning to take its road logistics and cold chain business pan-India.

The company has now reached an agreement with authorities to make the asset productive from the next quarter of the current fiscal.

According to company's recent annual report, Iron Ore Terminals Limited is non operational due to ban on iron ore exports and an investment of Rs 594 crores as at June 30, 2015 was lying idle.

The Ministry of Shipping, port and the company have reached an agreement whereby, the terminal will become productive during the next quarter of the current financial year. "We expect to put an end to negative cash flows and start reaping benefits," said company's Chairman R Ram Mohan, at the recently held shareholders meet.

The company had handled 26 million tonnes of bulk cargo in the ports of Ennore, Chennai, Tuticorin, Visakhapatnam and Mangalore during the year.

Commenting on Road Logistics he said Sical's cold chain operations which cater to outlets has been established well and the company shall be ready to move to the next platform of undertaking retail logistics.

The conventional road transportation business has been re-launched with focus on acceptable margins, timely collections and large contracts with better serviceability, he said.

The road logistics and cold chain division handled a cargo of 4.31 million MT of cargo during the year. This division also provides support in the integrated logistics sector for movement of coal and surface mining projects. Apart from this, the Company operates cold chain refrigerated vehicles for the movement of food items currently in Chennai, Bangalore and Hyderabad. propose to increase the operation on pan-India basis, he said.

Mohan said the setting up of railway terminals at Bangalore and Chennai are in progress. "We have to pass through many hurdles in acquisition of the contiguous parcels of land and getting various statutory approvals. Once this process is completed, the railway segment will become a highly profitable business segment of the company".

which has been handling bulk cargoes, including coal, dolomite, limestone and steel products is now contemplating to venture into carrying project cargoes and cars through coastal movement.

The company is already bullish on rail-sea movement of coal. It has said it would offer Rail-Sea movement of coal for Neyveli Lignite Corporation and the scope of the business is to lift coal from the mine pit of Mahanadi coalfields in the state of Orissa, get it washed in the washeries established by the company and provide transportation to the power plant of Neyveli Lignite

Corporation located at Tuticorin vide road, rail and sea movement.

"We expect this business to commence by next month. This business segment of integrated logistics is expected to take your company to new heights," said Mohan.

image
Business Standard
177 22