Sical gets shareholders' nod to invest Rs 368 crore

Chennai-based Sical Logistics on Wednesday said it had received approval to invest around Rs 368 crore — its equity portion — in the seven subsidiary companies that are executing projects worth Rs 938 crore during the current financial year.

According to a company official, the shareholders approved the proposed investment of Rs 368 crore and guarantee of Rs 570 crore at the annual general meeting today.

Company chairman Ashwin C Muthiah said all the subsidiary companies were performing assets and formed since the company needed partners in different areas either for capital, skill or rating.

On the status of the projects status, he said the iron ore terminal at Ennore Port was expected to be completed during the first quarter of 2010-11. During last fiscal, MMTC picked up a 26 per cent stake in the project.

Construction work on the road terminal at Nagpur was under way and for the rail terminal project, also at Nagpur, allocation of land and signing of concession agreements were to be completed.

Among others, the Rs 600-crore container terminal project at Chennai port is expected to commence operations by the third quarter of the current fiscal. Trial operations at the terminal have begun.

The multi-logistics provider has moved nearly 26 million tonnes of bulk cargo and 570,000 TUEs (twenty foot equivalent units) of container cargo in the fiscal 2009.

Sical’s container freight stations, which are operated through subsidiary company Sical Distriparks at Chennai, Visakhaptanam and Tuticorin, handled 118,000 TEUs.