Sical Logistics divests auto component division assets

Chennai, Aug 8 (UNI) Sical Logistics Ltd, a leading provider of integrated multi-modal logistics solutions for bulk and containerised cargo and offshore logistics, has sold manufacturing facilities and assets of its auto components division, Indrad Auto Components, for Rs 14.69 crore to Lucas TVS Ltd, one of the leading auto electrical manufacturing companies.

With this, total funds realised by the company since the start of the divestment process in 2006 had gone upto Rs 90.18 crore, a company release here today said.

The divestment of auto components division, part of the non- logistics business of Sical, was in continuation of the company's strategy to exit its non-core businesses and focus on core business of logistics.

Sical had been in talks with a number of global majors but zeroed in on the TVS Group because of business synergies and the fit of the facilities to TVS' growing needs. The current sale does not include the "GATE" business of Indrad.

Sical has "technology transfer" agreement with GATE SRL of Italy since 1997 to source ready components used in manufacture of high wattage engine cooling modules.

The facilities at Indrad were used for assembling and completing process technology related activities before delivering the end product to the customer.

In order to serve the customers in the best possible way, Sical would continue its partnership with GATE till further discussion was concluded with the collaborator and the customers, it added.

UNI