Sical Logistics begins terminal work at MIHAN

Written by Corporate Bureau | Chennai, Feb 25 | Updated: Feb 26 2008, 07:45am hrs
Sical Logistics Ltd, an integrated solutions provider for multi-modal logistics for bulk and containerised cargo and offshore logistics, has commenced work on Nagpur Sical Gupta Road Terminal Ltd (NSGRTL) for road terminal at the Multimodal International Hub Airport at Nagpur (MIHAN) on Monday. Nagpur Sical Gupta Terminal is a special purpose vehicle floated by Sical Logistics in association with Maharashtra Airport Development Company (MADC) and Gupta Coal in the ratio of 51%, 26% and 23%.

Nagpur Sical Gupta will build, operate and manage the road terminal. The total project cost is estimated to be Rs 119.30 crore with a debt:equity ratio of about 1:1. The road terminal will stretch across a 60 hectare plot and have parking facilities for 1,150 vehicles including multi-axle vehicles, warehousing space of 500,000 sq ft, 15 hectares of open space and 45,000 sq ft of cold storage area, said Sical in a press release on Monday.

According to R C Sinha, vice-chairman and managing director of MADC, "with Sical as our partner in growth, we believe that the upcoming terminal will be of international standards and built within the specified timelines. We exect the road terminal to bring in good investments for MIHAN in the future."

Said Ashwin Muthiah, chairman of Sical Logistics: "Nagpur is the next big international hub and the nucleus for India's logistics industry. With the development of the country's largest logistics hub at MIHAN, the country will witness a new era of world-class infrastructure facilities. We hope to complete the road terminal work by January next year."

Padmesh Gupta, chairman, Gupta group of companies, said: "We are delighted to be associated with a player of Sical's expertise and experience. Being Nagpur based company, we are very proud to be building the country's largest road terminal."

MSGRTL was floated in April 2007 and the shareholders agreement for the project was signed with MADC and Gupta Coal on August 22, 2007.