Pristine Logistics to acquire Sical Logistics for Rs 520 crore
21 Mar 2022
2 Min Read
CW Team
Logistics services provider Pristine Logistics & Infraprojects gets approval from a lenders panel to acquire Sical Logistics for around Rs 520 crore.
Sical Logistics was previously owned by the Coffee Day Group.The creditors have decided to take a haircut of as much as 65% to put the firm back on track on a going concern basis.
The resolution plan presented by private equity company Global Infrastructure Partners-backed Pristine Logistics was sanctioned by the Committee of Creditors (CoC) on Friday.The lenders' dues will be cleared within two years.
Pristine Logistics was among the four to file a resolution plan for the Chennai-based company. The resolution professional had suggested the resolution plan presented by Pristine Logistics to the CoC. Some 78% of the creditors voted in favour of the Pristine Logistics resolution plan.
In March 2021, the National Company Law Tribunal (NCLT) ordered the commencement of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics.
Mumbai-listed Sical Logistics owes Rs 1,599.50 crore to a clutch of banks and financial institutions like YES Bank Ltd, Bank of Baroda, IDFC Bank Ltd, RBL Bank Ltd, among others. Of this, the resolution professional has admitted Rs 1,574.06 crore.
In 2011, the Coffee Day Group via its subsidiary Tanglin Retail Realty Developments procured Sical Logistics from Chennai-based M A Chidambaram Group.
Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, owns a Category I licence from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments.
SMART holds seven rakes of 45 wagons each and some 1,000 containers. It additionally operates three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of developing two rail-linked inland container depots (ICD) spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai.
Sical Logistics additionally owns a 49% stake in PSA-Sical Terminals Ltd, the entity that operates a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority held by PSA International Pte Ltd, a unit of Temasek Holdings, Singapore鈥檚 sovereign wealth fund.
Also read: Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr
Logistics services provider Pristine Logistics & Infraprojects gets approval from a lenders panel to acquire Sical Logistics for around Rs 520 crore.
Sical Logistics was previously owned by the Coffee Day Group.The creditors have decided to take a haircut of as much as 65% to put the firm back on track on a going concern basis.
The resolution plan presented by private equity company Global Infrastructure Partners-backed Pristine Logistics was sanctioned by the Committee of Creditors (CoC) on Friday.The lenders' dues will be cleared within two years.
Pristine Logistics was among the four to file a resolution plan for the Chennai-based company. The resolution professional had suggested the resolution plan presented by Pristine Logistics to the CoC. Some 78% of the creditors voted in favour of the Pristine Logistics resolution plan.
In March 2021, the National Company Law Tribunal (NCLT) ordered the commencement of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics.
Mumbai-listed Sical Logistics owes Rs 1,599.50 crore to a clutch of banks and financial institutions like YES Bank Ltd, Bank of Baroda, IDFC Bank Ltd, RBL Bank Ltd, among others. Of this, the resolution professional has admitted Rs 1,574.06 crore.
In 2011, the Coffee Day Group via its subsidiary Tanglin Retail Realty Developments procured Sical Logistics from Chennai-based M A Chidambaram Group.
Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, owns a Category I licence from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments.
SMART holds seven rakes of 45 wagons each and some 1,000 containers. It additionally operates three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of developing two rail-linked inland container depots (ICD) spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai.
Sical Logistics additionally owns a 49% stake in PSA-Sical Terminals Ltd, the entity that operates a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority held by PSA International Pte Ltd, a unit of Temasek Holdings, Singapore鈥檚 sovereign wealth fund.
Image SourceAlso read: Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
Next Story
Ahmedabad鈥檚 Rs 1.17 Billion Flyover Opens
A major infrastructure milestone was achieved in Ahmedabad with the inauguration of a new Rs 1.17-billion flyover at Pallav Char Rasta on May 18.Union 亚博体育官网首页 and Cooperation Minister Amit Shah, who represents the Gandhinagar Lok Sabha constituency, unveiled the structure that was expected to ease vehicular congestion for nearly 1.5 lakh daily commuters navigating through the city鈥檚 busy Naranpura zone. The flyover, constructed across the 132-feet Ring Road, extended 935 metres in length and spanned 8.4 metres in width. It reached a height of 5.37 metres at the Pragatinagar junction and feature..
