Sical Logistics achieves financial closure for Ennore project
Multi-modal integrated logistics solutions provider Sical Logistics on Wednesday said it has achieved financial closure for its greenfield iron ore terminal project at Ennore.
By PTI |
CHENNAI: Multi-modal integrated logistics solutions provider Sical Logistics on Wednesday said it has achieved financial closure for its greenfield iron ore terminal project at Ennore.
Addressing a press meet, Sical Logistics Managing Director Sudhir S Rangnekar said YES Bank was the lead manager and sole underwriter for the Rs 340 crore loan, with the other members of the loan syndicate being United Bank of India, UCO Bank and India Infrastructure Finance Company Ltd.
The project was undertaken by a special purpose vehicle, Sical Iron Ore Terminals Ltd, promoted by Sical Logistics with 89 per cent equity stake and L&T Infrastructure Development Projects Ltd.
The terminal is being developed on a build-operate- transfer basis, revenue sharing contract with Ennore Port for 30 years including the construction period. The terminal would have a capacity of 12 million tons of cargo per year, he said.
The total cost of the project was Rs 514 crore spread over two phases funded through a debt equity ratio of 2:1. YES Bank has been mandated to arrange the debt facility for the first phase of the project, YES Bank President Somak Ghosh said.
Addressing a press meet, Sical Logistics Managing Director Sudhir S Rangnekar said YES Bank was the lead manager and sole underwriter for the Rs 340 crore loan, with the other members of the loan syndicate being United Bank of India, UCO Bank and India Infrastructure Finance Company Ltd.
The project was undertaken by a special purpose vehicle, Sical Iron Ore Terminals Ltd, promoted by Sical Logistics with 89 per cent equity stake and L&T Infrastructure Development Projects Ltd.
The terminal is being developed on a build-operate- transfer basis, revenue sharing contract with Ennore Port for 30 years including the construction period. The terminal would have a capacity of 12 million tons of cargo per year, he said.
The total cost of the project was Rs 514 crore spread over two phases funded through a debt equity ratio of 2:1. YES Bank has been mandated to arrange the debt facility for the first phase of the project, YES Bank President Somak Ghosh said.
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