The board of Sical Logistics Limited (SLL) has granted in-principle approval to the acquisition of the 11 per cent equity stake held by L&T Infrastructure Development Projects Limited (L&T IDPL) in Sical Iron Ore Terminal Limited (SIOTL), a subsidiary of SLL. The stake acquisition will be subject to regulatory approvals. SIOTL was incorporated as an SPV in September 2006 by the consortium of SLL and L&T IDPL. A concession agreement was entered into between SIOTL and Kamarajar Port Limited to develop an iron ore terminal at Kamarajar port on a build-operate-transfer basis for a concession period of 30 years.
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