DP World in talks for Indian iron ore terminal acquisition
DP World is in talks with an Indian logistics firm to buy some of its strategic assets, including an iron ore terminal in Ennore’s Kamarajar Port, reports The Economic Times.
Sical Logistics, a leading offshore and multimodal logistics services firm owned by the Coffee Day Group, is in exploratory talks with DP World and some other strategic investors for the sale of assets including Sical Iron Ore Terminals Ltd.
The deal would include dedicated iron ore and coal terminals at the facility, valued at around US $10-million.
Sical reportedly hopes to halve its current debt through the transaction.
The company is also said to be in talks with other strategic investors including Adani Group, but the Gujarat-based conglomerate denied any such talks, while DP World declined to comment.
Sical’s Kamarajar Port terminal was originally meant for iron ore exports but, following a Supreme Court ban, it had to be modified to handle other commodities such as coal.