Sical Logistics likely to disinvest some assets
Sical Logistics, which had raised $75 million in FCCB's, would need another $25 million for investments and might disinvest some of its assets to raise the capital internally, a top company official said.
By PTI |
CHENNAI: Sical Logistics, which had raised $75 million in FCCB's, would need another $25 million for investments and might disinvest some of its assets to raise the capital internally, a top company official said.
Sical Logistics Vice Chairman Ashwin Muthiah told reporters here on Friday that this disinvestment might start in October and the company would be able to raise Rs 50-60 crore from it.
Muthiah said the company was looking at becoming a product service company by creating a specialised product focus.
Announcing the results for FY06, Muthiah said Sical had reported a net profit of Rs 53.69 crore this year as against Rs 27.99 crore in 2005.
The turnover of the non-core business last year was Rs 346 crore, out which Rs 150-160 crore came from major building materials' marketing, he said.
However, sales of the company declined sharply during the year recording only Rs 960.38 crore as against the Rs 1,214.83 crore it had posted in 2005.
Sical Logistics Vice Chairman Ashwin Muthiah told reporters here on Friday that this disinvestment might start in October and the company would be able to raise Rs 50-60 crore from it.
Muthiah said the company was looking at becoming a product service company by creating a specialised product focus.
Announcing the results for FY06, Muthiah said Sical had reported a net profit of Rs 53.69 crore this year as against Rs 27.99 crore in 2005.
The turnover of the non-core business last year was Rs 346 crore, out which Rs 150-160 crore came from major building materials' marketing, he said.
However, sales of the company declined sharply during the year recording only Rs 960.38 crore as against the Rs 1,214.83 crore it had posted in 2005.
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