Sical Logistics’ board grants approval to acquire stake in subsidiary company

The board of Sical Logistics Limited has given in-principle approval to the proposal to initiate the purchase of the 26 per cent stake held by MMTC Limited in Sical Iron Ore Terminals Limited (SIOTL). The stake sale will be subject to all statutory and regulatory approvals. SIOTL is an SPV incorporated by Sical Logistics and L&T Infrastructure Development Projects Limited (L&T IDPL). The stakeholders of the SPV are Sical Logistics (63 per cent), MMTC (26 per cent) and L&T IDPL (11 per cent).