Sical Logistics sells TN realty for Rs 40cr

Sical Logistics has sold Vanagaram Refractories Works Industries (VRW) to an enterpreneur in the real estate industry in Tamil Nadu for Rs 40.79 crore.

According to a release issued by Sical to the BSE today, VRW was engaged in the business of manufacturing refractory bricks, and the manufacturing unit located at Vanagaram village, Ambattur taluk and Thiruvallur district covered an area of 8.68 acre.

"The sale progressed in three phases - the first phase was the settlement with labour. The second phase involved sale of plant and machinery as scrap for about Rs 2 crore,  and the third phase involved the sale of the land," the release added.

Ashwin Muttiah, chairman, Sical Logistics said: "This is a conscious decision to move out of the non-core businesses of Sical. Going ahead, we want to direct our funds and efforts towards the logistics sector where our core competencies lie. Sical is focused on becoming the country's largest integrated multimodal logistics player."