Sical has also proposed another joint venture with PSA India Pte Ltd and Nur Ivestment and Trading Pte Ltd, both Singapore-based companies, for port clearing operations and other allied activities. Sical will invest Rs 18.5 crore in this venture.

Both the proposals have been approved by the shareholders in the 43rd annual general meeting held here on Wednesday.

Sical is in discussions with a US-based company in a bid to improve the performance of the ailing refractories division of the company.

On the other hand, Sical is reconsidering its decision to set up a water sports complex near Muttukadu, on grounds of viability of the project. A decision to this end is to be made soon.

The company has posted animpressive Rs 341.19 crore turnover for the first quarter as compared to a Rs 120.07 crore for the corresponding period last year. Net profits for the first quarter has increased to Rs 7.29 crore as against Rs 3.75 crore last year.

The contract from the Tamil Nadu Electricity Board to the logistics division for coal handling operations is a major contributor to the good performance for the quarter.