Chennai-based Sical Logistics has formed a special purpose vehicle Sical Iron Ore Terminals Ltd with MMTC Ltd to set up an iron ore terminal at the Ennore port. The proposed investment in the project is around INR 500 crore. Sical will hold a 63% stake in the SPV, MMTC will hold 26% and L&T Infrastructure Development Projects Ltd 11%. Sical Iron Ore Terminals Ltd will have an ultimate throughput of 12 million tonnes a year. The first phase with 6 million tonnes is expected to be operational by early 2010. It will be enhanced post the capacity addition in phase II of operations, which will be executed within two years of commissioning the first phase. In addition, Sical Iron Ore Terminals Ltd and MMTC have signed the offtake agreement for 3 million tonnes of iron ore for the first phase.
