Sical Logistics launches road terminal project

Nagpur, Feb 24 (UNI) Sical Logistics, one of India's leading integrated multi-modal logistics company, launched its road terminal project that is to be part of the proposed Multi-Modal International Air Passenger and Cargo Hub at Nagpur (MIHAN) here today.

Speaking to mediapersons, Sical Logistics Managing Director and Group chief executive officer (CEO) Sudhir S Rangnekar said the project was expected to cost Rs 119.3-crore, and would have a debt-equity ratio of 1:1.

The road terminal, to be located on 60 hectares of land, would have parking facilities for 1,150 vehicles, including multi-axle vehicles, warehousing space of 0.5 million square feet, 15 hectares of open plots and 45,000 square feet of cold storage area, he said.

A special purpose vehicle (SPV), named Nagpur Sical Gupta Road Terminal Ltd (NSGRTL), would build, operate and manage the road terminal, Mr Rangnekar said. The SPV has equity participation from Sical Logistics (51 per cent), Maharashtra Airports Development Company (26 per cent), the Nagpur-based Gupta coalfields and Washeries Limited (23 per cent), he stated.

The terminal, expected to be completed by January 2009, would be the largest such facility in the entire country, Mr Rangnekar told reporters.

Earlier, Union Minister of State for New and Renewable Energy Vilas Muttemwar laid the foundation stone for the road terminal project this morning, in the presence of Bharatiya Janata Party (BJP) Maharashtra unit President Nitin Gadkari, Sical Logistics Chairman Ashwin C Muthiah and Gupta Coalfields Chairman Padmesh Gupta.

The Chennai-based Sical Logistics Limited (BSE: 520086) is among the leading providers of integrated multi-modal logistics solutions for bulk and containerised cargo and offshore logistics. Formerly known as South India Corporation Agencies Limited, the company handles around 22 million tonnes of bulk cargo and 5,00,000 TEUs of containerised cargo ever year. Its revenue for fiscal 2006-2007 was Rs 8.92 billion on an equity capital of Rupees 301.9 million.

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