Sical acquires Chinese dredger for $24.9 mn
Sical Logistics on Thursday announced its foray into the Chinese dredging market by acquiring a cutter suction dredger for $24.92 million.
By PTI |
NEW DELHI: Sical Logistics on Thursday announced its foray into the Chinese dredging market by acquiring a cutter suction dredger for $24.92 million.
“The acquisition is a stepping stone for Sical to enter the booming $14-billion dredging market and enable Sical to tap the opportunity in this area,” said chairman Ashwin Muthiah.
He said the market has seen tremendous growth due to increasing sea trade, growing tourism opportunities and re-construction of marine and port infrastructure.
The ‘sical portofino’ dredger built at nan tong ganzha shipyard, china in 2006 was acquired from shanghai duo jun dredging co.
The company plans to acquire more cutter suction and trailer suction hopper dredgers to serve the needs of growing indian and asian markets. This acquisition was funded by sical’s foreign currency convertible bonds issued in 2006.
The machine can dredge up to a depth of 25 metre and has a production capacity of 3,000 cubic metre per hour.
“The acquisition is a stepping stone for Sical to enter the booming $14-billion dredging market and enable Sical to tap the opportunity in this area,” said chairman Ashwin Muthiah.
He said the market has seen tremendous growth due to increasing sea trade, growing tourism opportunities and re-construction of marine and port infrastructure.
The ‘sical portofino’ dredger built at nan tong ganzha shipyard, china in 2006 was acquired from shanghai duo jun dredging co.
The company plans to acquire more cutter suction and trailer suction hopper dredgers to serve the needs of growing indian and asian markets. This acquisition was funded by sical’s foreign currency convertible bonds issued in 2006.
The machine can dredge up to a depth of 25 metre and has a production capacity of 3,000 cubic metre per hour.
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