Chennai, Tamil Nadu, India
-- To be developed on BOT basis, 66-year lease
-- To form special purpose vehicle with MADC, Gupta Coal
-- Operations scheduled to begin in Q1 FY08-09
-- Capacity 150,000 TEUs per year
Sical Logistics Ltd--formerly South India Corporation (Agencies) Ltd--today announced that the Maharashtra Airport Development Company has selected the consortium led by Sical Logistics to set up a rail terminal as part of the proposed Multi-modal International Hub Airport at Nagpur in central India. The letter of intent was issued by MADC to this effect recently. The other member of the consortium is Nagpur-based Gupta Coal India Ltd.
The rail terminal will be developed on a build-operate-transfer (BOT) contract, on a 24-hectare plot on lease for 66 years. It will have the capacity to handle 150,000 TEU (twenty-foot-container equivalents) a year. The facilities, consisting of mainly of a container freight station with neutral rail siding; and handling infrastructure for export-impoirt/domestic bulk and containerized cargo, are proposed to be built in phases in line with client needs and Sical's own container train requirements.
The terminal is expected to be operational in the first quarter-year of FY08-09.
A special purpose vehicle is proposed to be formed with Sical Logistics owning at least 51% equity stake and MADC owning 26% stake, the owner of the remaining stake being Gupta Coal.
The 150,000 TEU-a- year-capacity rail terminal will provide the following main services:
-- Container stuffing and de-stuffing
-- Cargo handling facilities
-- Transportation, C&F and bonding
-- Railway movement
-- Container freight station for exim trade
Sical Logistics Vice Chairman Ashwin Muthiah said that the Nagpur rail terminal was central to Sical's plan for leadership in multi-modal logistics.
"Nagpur's central location has always made it a critical part of the strategy of every Indian logistics provider. The Airport Hub project and related infrastructure such as the rail terminal will add several dimensions of commerce not just to Nagpur and its surroundings; it will also help significantly in
streamlining the logistics chains of businesses across India," Mr Muthiah said.
About Sical Logistics
Sical Logistics Ltd, formerly South India Corporation (Agencies) Ltd, is India's leading provider of integrated multi-modal logistics for bulk and containerized cargo─port terminals; port handling; trucking and warehousing; ship agency; container freight stations; customs agency ; and offshore supply logistics. Sical's delivery network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; 1.9 million square meters of storage across 104 warehouses; owned and regularly contracted fleet of over 2400 transport vehicles, and container freight stations at 4 locations across India. Sical's consolidated revenue in FY2004-05 was Rs 12.48 billion on an equity base of Rs 275.33 million.
Anuradha Altekar, Ubiquus, +91 9870100642 anuradha@ubiquus.biz
Source: Sical Logistics Ltd. (Business Wire India)
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