 "Sical Logistics not to pursue iron ore terminal project at Mangalore")
The development comes on the backdrop of restriction on production of iron ore.
In an announcement to NSE today, the company said due to continued restrictions on production of iron ore and the resultant vaccum of exporters, thereof, the company's subsidiary viz. Sical Iron Ore Terminal (Mangalore) Ltd has taken a decision not to pursue the BOT contract any further. It has issued the required communication to the Board of Trustees of New Managlore Port Trust, seeking cessation of the said concession agreement.
Sical Logistics Limited has entered into a concession agreement with the New Mangalore Port Trust for the setting up of mechanised Iron Ore handling facilities at the deep draft multipurpose berth of New Mangalore Port on BOT basis.