Sical announces fin closure for terminal

Chennai-based logistics company Sical Logistics today announced that it has achieved financial closure for its greenfield iron ore terminal project at Ennore Port.

The project is being executed by a special purpose vehicle (SPV), Sical Iron Ore Terminals, promoted by Sical Logistics with 89% stake and L&T Infrastructure Development Projects.

Yes Bank is the lead arranger and sole underwriter for Rs 340 crore loan. The other members of the loan syndicate include United Bank of India, UCO Bank and India Infrastructure Finance Company.

The terminal is being developed on a build-operate-transfer (BOT) revenue-sharing contract with Ennore Port for 30 years including the construction period. The terminal will have a capacity for 12 million tonne cargo per year.

"We are impressed with the dedication and professionalism of the team at Yes Bank - taking up and delivering on the responsibility of underwriting and arranging a Rs 340 crore loan in a single shot is no doubt a proud achievement for Yes Bank," said Ashwin Muthiah, chairman, Sical Logistics.