Sical ropes in MMTC, L&T Infra for setting up iron ore terminal in Tamil Nadu

Sical Logistics Ltd had formed a special purpose vehicle with state-run Metals and Minerals Trading Company Ltd (MMTC) and L&T Infrastructure Development Projects Ltd, an arm of private sector engineering and construction major Larsen & Toubro, to set up an iron ore terminal in Tamil Nadu.

Sical will hold 63 per cent in Sical Iron Ore Terminals Ltd, and MMTC will hold 26 per cent while L&T will hold the rest. The project, estimated to cost Rs500 crore, is expected to be completed by early 2010, Sical said in a filing with the Bombay Stock Exchange (BSE).

Sical Logistics provides integrated solutions for offshore logistics and multi-modal logistics for bulk and containerised cargo. It manages the movement, at port and inland, of dry and liquid bulk cargo. Port services include stevedoring, shipping agency and custom house agency. Container logistics manages shipping containers as they are moved in and between container terminals, container freight stations and inland container depots.

Offshore logistics services offshore drills and rigs of oil and energy exploration companies. The company's subsidiary, Norsea Global Offshore Pte Ltd, is engaged in investments. The company has entered into a joint venture with Sattva high-tech Conware Pvt Ltd for development of container rail terminal at Melpakkam near Arakkonam.