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IDFC PE funded Sical Logistics has roped in another fund to finance its asset heavy, capital intensive businesses. Sical Infra Assets, a new arm of the Chennai-based logistics company, has received $26 million funding from Old Lane Mauritius IV Ltd, an investment vehicle of Old Lane Opportunities Funds. The company has sold 26 per cent stake in the deal.

Sical Infra Assets Ltd handles longer gestation infrastructure-based business such as the logistics hub at Nagpur, the iron ore terminal at Ennore port, a container rail project, Sical Distriparks and the container terminals at Tuticorn and Chennai ports, says report in Mint. What the company has done is to segregate the short-cycle service oriented business from the longer duration build, operate and transfer type assets for the purpose of attracting investment. Sical Logistics from now on will manage the bulk logistics business of the group as well as its services business such as stevedoring, ship chartering, shipping agency, trucking, warehousing and offshore logistics. Sical Infra Assets will be listed in the future.

In March, Sical received $25 million funding from IDFC Private Equity.