PSA to buy out Chennai terminal partner

Global terminal operator PSA International is reportedly ready to buy out its minority partner in a container terminal in the Indian port of Chennai, according to a report Monday by the Indian business newspaper Mint. The minority partner, Sical Logistics, owns a 27 percent stake in the terminal at India’s second-biggest container port. The terminal has a capacity of 1.5 million TEUs.

Sical is said to be pushing for the sale of its stake to raise cash to offset losses in other, unrelated business divisions; and because it sees limited chances for growth as the minority partner in the terminal.

Sical’s request to sell its stake has been referred the Chennai Port Authority though L.R. Sridhar, managing director of the Chennai-based logistics company, said the “deal has not been done yet.”

Source: www.americanshipper.com