Sical Logistics sells Refractories Works Industries

Chennai, Apr 27 (UNI) Sical Logistics Ltd, has sold its Refractories Works Industries at suburban Vanagaram to a key entrepreneur in the real estate industry in the state for a considertion of Rs 40.79 crore.

The sale progressed in three phases, the first phase was the settlement with labour, the second stage involved the sale of plant and machinery as scarp and third phase involved the sale of the land, a company release said here.

"This is a conscious decision to move out of the non-core business of Sical. Going ahead we want to direct our funds and efforts towards the logistics sector where our core competencies lie. Sical is focussed on becoming the country's largest integrated multimodal logistics player," said Sical Logistics Chairman Ashwin Muthiah.

UNI