Sical, MMTC to set up iron ore terminal at Ennore port

Chennai-based Sical Logistics has formed a special purpose vehicle — Sical Iron Ore Terminals Ltd — with MMTC Ltd to set up an iron ore terminal at the Ennore port. The proposed investment in the project is around Rs 500 crore.

While Sical will hold a 63 per cent stake in the SPV, MMTC will hold 26 per cent and L&T Infrastructure Development Projects Ltd 11 per cent, the company informed the Bombay Stock Exchange.