Sical Logistics acquires dredger for \ mln

New Delhi, Aug 16 (UNI) Announcing its foray into the dredging segment, Sical Logistics Ltd, integrated multi-model logistics provider, today said it has acquired Sical PortoFino, a cutter suction dredger, for 24.92 million dollars.

Commenting on the acquisition company's Chairman Ashwin Muthiah said in a statement,''The acquisition of the cutter suction dredger is a stepping stone for us to enter the booming 14 billion dollars dredging market.'' With few companies possessing the required expertise and infrastructure to undertake international dredging operations, the market is facing a supply constraint, he added.

The acquisition, funded by company's foreign currency convertible bonds issue last year, is likely to earn a revenue of 9.8 million dollars per annum, a company statement said.

The company which will deploy its newly-acquired dredger in China is also mulling to acquire more cutter suction and trailer suction hopper dredgers to cater to the booming Indian and Asian dredging market, the statement added.

Sical is India's leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerised cargo.

UNI