Sical Logistics forms JV with Japanese firm

Sical Logistics, engaged in port handling services, today said it has entered into an agreement with Japan's Mitsui O S K Lines to form a joint venture company to operate the automotives yard at the Ennore Port near Chennai.

While Sical would have 45 per cent stake, Mitsui O S K Lines would hold the rest in the joint venture company scheduled to commence by the next fiscal, Sical Logistics said in a filing to the Bombay Stock Exchange.

The proposed yard would manage automotives in completely built-up unit form and will cater to the automotive exporters/importers based in India, the filing added.

Shares of Sical Logistics were trading at Rs 64.30 on the BSE, up 4.05 per cent from previous close.