Pristine Logistics to acquire Sical Logistics for Rs 520 crore
WAREHOUSING & LOGISTICS

Pristine Logistics to acquire Sical Logistics for Rs 520 crore

Logistics services provider Pristine Logistics & Infraprojects gets approval from a lenders panel to acquire Sical Logistics for around Rs 520 crore.

Sical Logistics was previously owned by the Coffee Day Group.The creditors have decided to take a haircut of as much as 65% to put the firm back on track on a going concern basis.

The resolution plan presented by private equity company Global Infrastructure Partners-backed Pristine Logistics was sanctioned by the Committee of Creditors (CoC) on Friday.The lenders' dues will be cleared within two years.

Pristine Logistics was among the four to file a resolution plan for the Chennai-based company. The resolution professional had suggested the resolution plan presented by Pristine Logistics to the CoC. Some 78% of the creditors voted in favour of the Pristine Logistics resolution plan.

In March 2021, the National Company Law Tribunal (NCLT) ordered the commencement of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics.

Mumbai-listed Sical Logistics owes Rs 1,599.50 crore to a clutch of banks and financial institutions like YES Bank Ltd, Bank of Baroda, IDFC Bank Ltd, RBL Bank Ltd, among others. Of this, the resolution professional has admitted Rs 1,574.06 crore.

In 2011, the Coffee Day Group via its subsidiary Tanglin Retail Realty Developments procured Sical Logistics from Chennai-based M A Chidambaram Group.

Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, owns a Category I licence from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments.

SMART holds seven rakes of 45 wagons each and some 1,000 containers. It additionally operates three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of developing two rail-linked inland container depots (ICD) spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai.

Sical Logistics additionally owns a 49% stake in PSA-Sical Terminals Ltd, the entity that operates a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority held by PSA International Pte Ltd, a unit of Temasek Holdings, Singapore’s sovereign wealth fund.

Image Source


Also read: Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr

Logistics services provider Pristine Logistics & Infraprojects gets approval from a lenders panel to acquire Sical Logistics for around Rs 520 crore. Sical Logistics was previously owned by the Coffee Day Group.The creditors have decided to take a haircut of as much as 65% to put the firm back on track on a going concern basis. The resolution plan presented by private equity company Global Infrastructure Partners-backed Pristine Logistics was sanctioned by the Committee of Creditors (CoC) on Friday.The lenders' dues will be cleared within two years. Pristine Logistics was among the four to file a resolution plan for the Chennai-based company. The resolution professional had suggested the resolution plan presented by Pristine Logistics to the CoC. Some 78% of the creditors voted in favour of the Pristine Logistics resolution plan. In March 2021, the National Company Law Tribunal (NCLT) ordered the commencement of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics. Mumbai-listed Sical Logistics owes Rs 1,599.50 crore to a clutch of banks and financial institutions like YES Bank Ltd, Bank of Baroda, IDFC Bank Ltd, RBL Bank Ltd, among others. Of this, the resolution professional has admitted Rs 1,574.06 crore. In 2011, the Coffee Day Group via its subsidiary Tanglin Retail Realty Developments procured Sical Logistics from Chennai-based M A Chidambaram Group. Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, owns a Category I licence from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments. SMART holds seven rakes of 45 wagons each and some 1,000 containers. It additionally operates three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of developing two rail-linked inland container depots (ICD) spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai. Sical Logistics additionally owns a 49% stake in PSA-Sical Terminals Ltd, the entity that operates a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority held by PSA International Pte Ltd, a unit of Temasek Holdings, Singapore’s sovereign wealth fund. Image SourceAlso read: Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr

Next Story
Infrastructure Transport

Mumbai Metro Line 3: BKC-Atre Chowk Phase 2A Set to Open by March 2025

The Mumbai Metro Rail Corporation (MMRC) is set to extend its Metro Line 3 service with the launch of the BKC-Acharya Atre Chowk, Worli section (Phase 2A) by late March 2025. This expansion, part of the Colaba-Bandra-Seepz Metro 3 corridor, has achieved 93.1 per cent overall completion, with station construction nearing 98.9 per cent. The project follows the successful commissioning of the 12-kilometer Aarey-BKC segment in October 2024. Although the initial ridership on this section has been lower than expected, a significant increase is anticipated once the full Aarey-Colaba corridor become..

Next Story
Infrastructure Transport

Chennai Metro Begins Repairs to Fix Tunnel Leakages

Chennai Metro Rail (CMRL) has initiated essential repairs across its Phase I network to address increasing tunnel leakages. This decision follows incidents where minor seepages raised safety concerns, notably a case near Tondiarpet in December that resulted in sand and water entering a tunnel, leading to a train derailment. The incident underscored the need for proactive maintenance, prompting CMRL to conduct an assessment and implement corrective measures. A committee was formed to evaluate the issue, recommending immediate action to seal leaks, with findings submitted to the Commissioner of ..

Next Story
Infrastructure Transport

Thane Bhiwandi Metro Line 5 Delayed and Now Set for March 2025 Completion

The Thane-Bhiwandi Metro Line-5, initially scheduled for completion in March 2022, has been delayed, with a revised deadline now set for March 31, 2025. This three-year delay has raised concerns about project management efficiency within the Mumbai Metropolitan Region Development Authority (MMRDA). The contract for the 24.90 km-long elevated metro corridor was awarded to Afcons Infrastructure on September 1, 2019. Designed to enhance connectivity between Thane, Bhiwandi, and Kalyan, the metro line will consist of 15 stations along its route. Despite the delay, the estimated project cost rema..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?