Sical Logistics Limited, a Bangalore-based logistics solutions provider, is divesting its entire shareholding in Ennore Automotive Logistics, as per a stock market disclosure.
Sical holds 40.92 percent in the joint venture firm and its other partners include Mitsui OSK Lines Limited and Toyofuji Shipping Company Limited. Sical did not say if its JV partners are buying out its stake and reveal the deal value.
The JV was formed for the operation and maintenance of car yard at Ennore Port in Tamil Nadu for handling exports of cars. The company handles cars for Nissan, Honda and Toyota.
Sical is co-promoted by Coffee Day Group and AC Muthiah with the former owning majority stake in the public listed firm.
It operates mechanised port terminals (container and bulk), container freight stations, container rakes, rail and road terminals. It also provides offshore support services to the oil and gas industry.
It primarily provides integrated multimodal logistics services and its main activities include stevedoring, port handling, shipping agency, trucking and terminal management.
(Edited by Joby Puthuparampil Johnson)