Sical signs iron ore deal with New Mangalore Port
20 Oct 2009
New Mangalore Port Trust has signed an agreement with Sical Iron Ore Terminal (Mangalore) Ltd, a special purpose vehicle of Chennai-based Sical Logistics Ltd, to set up mechanised iron ore handling facility.
The agreement was signed by P Tamilvanan, chairman of NMPT, and L R Sridhar, managing director of Sical, on Sunday, Sical said in a filing with the Bombay Stock Exchange.
The Rs277-crore facility will come up at deep draft multipurpose berth No 14 on a build, operate and transfer (BOT) basis. The facility is expected to be ready by December 2012.
NMPT said in a release that the entire project cost would be funded by Sical, which has offered 37 per cent of the gross revenue share to the port and Rs11 crore as licence fee every year.
Sical Logistics, formerly South India Corporation Agencies, is a leading provider of integrated multi-32 modal logistics for bulk and containerised cargo port terminals, port handling, trucking and warehousing, ship agency, container freight stations, customs agency and offshore supply logistics.
Sical has five distinct groups (logistics, marketing, manufacturing, agro, and engineering), engaged in the shipping, stevedoring, ship chartering, ship repairing, marine engineering, marketing, clearing and forwarding business.