PSA International buys 27% stake in CIT from Sical Logistics
PSA International, Singapore, world's leading container terminal operator, has bought out the 27 per cent stake in Chennai International Terminals (CIT) from its joint venture partner Sical Logistics for an undisclosed sum.
“It is a strategic decision to divest stake in the terminal and concentrate more on handling bulk cargo,” said Mr L.R. Sridhar, Managing Director, Sical Logistics. The company will use the sale proceeds for the upcoming auto yard management project being done in association with Mitsui OSK Lines at Ennore and the other ongoing projects, he said.
Chennai International Terminals is the second private container terminal at the Chennai port.
The planned terminal capacity is 1.50 million TEUs (20-foot equivalent units).
“It is a strategic decision to divest stake in the terminal and concentrate more on handling bulk cargo,” said Mr L.R. Sridhar, Managing Director, Sical Logistics. The company will use the sale proceeds for the upcoming auto yard management project being done in association with Mitsui OSK Lines at Ennore and the other ongoing projects, he said.
Chennai International Terminals is the second private container terminal at the Chennai port.
The planned terminal capacity is 1.50 million TEUs (20-foot equivalent units).