MMTC to offload 26% equity in Sical Iron Ore Terminal

2nd stake sale plan after the decision to divest 9.5% in ICEX

Government-owned trading company MMTC has initiated a process to offload its entire 26% equity in Sical Iron Ore Terminal (SIOTL), a subsidiary of Sical Logistics. The terminal has been set up at Kamarajar Port Ltd (formerly Ennore Port Ltd).

This is the second joint venture company where MMTC is completely exiting its stake. In June, it had invited bids from those interested to sell its residual 9.5% stake in Indian Commodity Exchange (ICEX), signalling its exit from the bourse. Though MMTC did not elaborate on the reasons, it was attributed to ICEX’s dismal performance, with trading suspended for three years.

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