India's Sical Logistics to sell stake in Chennai port to PSA International

India's Sical Logistics is reportedly selling its interest in a port in southern India to Singapore's PSA International. A report in an Indian newspaper, The Mint, said Sical is selling its 27 per cent stake in the new container-handling facility in Chennai to PSA, its joint venture partner. There were no financial details, but the report said proceeds from the stake sale will be used by the parent AC Muthiah group to restructure its debt-ridden fertilizer firm, Southern Petrochemical Industries Corp.
PSA International is a unit of Singapore investment company Temasek Holdings.
PSA declined to comment when contacted by MediaCorp.