Sical Logistics inks pact with Old Lane to raise $26 mn

Chennai, Sep 5 (UNI) Sical Logistics Ltd has signed an agreement to raise 26 million US Dollar from Old Lane Mauritius IV Ltd, a vehicle of Old Lane India Opportunities Funds and a new subsidiary called Sical Infra Assets has been formed.

The investment by Old Lane in Sical Infra Assets will help fund the growing infrastructure business of the organisation, a company release here today said.

Sical Infra Assets was formed to house the company's asset-heavy, capital-intensive, longer gestation infrastructure-based business like the multimodal logistics hubs at Nagpur, Sical Iron Ore Terminal at Ennore, Container Rail Project and the container terminals along with PSA Singapore at Tuticorin and Chennai as well as Sical Distriparks.

The decision to segregate the short cycle service-oriented businesses from the longer duration BOT type assets was to crystalise the value of investments made by Sical into its SPVs.

The approval to dilute the equity holding of Sical Infra Assets was obtained from the Board of Directors on August two, the release added.

UNI