Sical Logistics limited, a major player in port handling services, has formed a consortium with L & T for setting up an iron terminal at Ennore port at a cost of Rs 330 crore.
Karthik Menon, Vice-President, Finance and strategy, Sical Logistics Ltd, told PTI that the terminal would have a capacity of handling six to eight million tonnes per annum, which could be scaled upto 18 million tonnes at a later stage. The proposed terminal would be the largest iron ore terminal in Asia, which was likely to be commissioned by 2009, he said.
Sical had already entered into concession agreement with the Ennore Port Trust to implement the project. Construction work would start in the next 45 days, he said.
Sical would have 63 per cent equity and L&T 11 per cent, the rest coming from a large export house, he said, adding that in principal approval had been received from that export house. The next level of clearances was expected soon, he said.
He said, SICAL also would be the first of its kind in the private sector and would be both an international and domestic hub.
The Maharashtra Government had already acquired land for the project and construction would start soon. The capacity of the terminal would 1.5 lakh TEUs a year, he said.
As part of the restructuring plan, SICAL would be demerged to form two companies, Sical Logistics and Sicagen.
While Sical Logistics would concentrate on multi model logistics service provider with an estimated revenue of Rs 500 crore per annum and a Profit After Tax of Rs 30 crore, Sicagen would concentrate on non logistics business, including vehicle sales and plantation with an annual turnover of Rs 270 crore.
Karthik Menon, Vice-President, Finance and strategy, Sical Logistics Ltd, told PTI that the terminal would have a capacity of handling six to eight million tonnes per annum, which could be scaled upto 18 million tonnes at a later stage. The proposed terminal would be the largest iron ore terminal in Asia, which was likely to be commissioned by 2009, he said.
Sical had already entered into concession agreement with the Ennore Port Trust to implement the project. Construction work would start in the next 45 days, he said.
Sical would have 63 per cent equity and L&T 11 per cent, the rest coming from a large export house, he said, adding that in principal approval had been received from that export house. The next level of clearances was expected soon, he said.
He said, SICAL also would be the first of its kind in the private sector and would be both an international and domestic hub.
The Maharashtra Government had already acquired land for the project and construction would start soon. The capacity of the terminal would 1.5 lakh TEUs a year, he said.
As part of the restructuring plan, SICAL would be demerged to form two companies, Sical Logistics and Sicagen.
While Sical Logistics would concentrate on multi model logistics service provider with an estimated revenue of Rs 500 crore per annum and a Profit After Tax of Rs 30 crore, Sicagen would concentrate on non logistics business, including vehicle sales and plantation with an annual turnover of Rs 270 crore.