Sical Logistics signs agreement for MIHAN Road Terminal

Sical Logistics Ltd, India’s leading provider of integrated multi-modal logistics solutions for bulk and containerized cargo and offshore logistics, signed the shareholders agreement on 22 Aug ’07 with the Maharashtra Airport Development Company (MADC) and Gupta Coal for developing the Road Terminal at the Multimodal International Hub Airport at Nagpur (MIHAN). 

A special purpose vehicle (SPV), Nagpur Sical Gupta Road Terminal Ltd (NSGRTL), was formed in April 2007 to build and operate the MIHAN Road Terminal. Sical will have 51% stake in the project and MADC and Gupta Coal will have 26% and 23% stakes respectively .The memorandum of understanding (MOU) between MADC and Sical was signed at Singapore in November 2006.

NSGRTL, the SPV company also signed the lease agreement with MADC for the land, for 66 years. The Road Terminal, which will be spread over a 60 hectare plot, will be developed at a project of cost of Rs 119 crores.

Sical Managing Director and Group CEO Sudhir S. Rangnekar said, “The Sical Road and Rail Terminals in MIHAN will be the largest logistics hubs in the country with world class infrastructure and state of the art facilities. We are delighted at the signing of the agreements with MADC and expect to commence work in Sep ‘07.The Road  Terminal will have parking facilities for 1150 vehicles including multi-axle vehicles, warehousing space of 0.5million sqft, 15 hectares of open plots and 45000 sqft of cold storage facility.”

The MADC Vice Chairman Mr. R C Sinha said, “The MIHAN project is critical for the economic development of Vidharba. The ambitious project will create 1,20,000 direct jobs and 2,40,000 jobs in the allied sector. We are pleased to have Sical as our partner in growth. We are confident that the terminals will be world class, keeping in mind the rich experience and repute of Sical.”  

Sourced From: Ogilvy Public Relations Worldwide