Sical Logistics has announced the execution of a Rs 150 crore loan
agreement with its subsidiary, Kanpur Logistics Park (KLPL). The loan will be
disbursed in one or more tranches with an annual simple interest rate of 12.5
percent, and it is structured as an unsecured loan with a repayment tenure of
five years. The loan aims to provide
financial support within the group, with no securities required due to its
unsecured nature. Earlier, on December 31, 2024, the board of Sical
Logistics approved issuing a letter of comfort on behalf of its promoter,
Pristine Malwa Logistics Park, for availing credit facilities of Rs 75 crore
from HDFC Bank to procure commercial equipment, which will be leased to Sical
Logistics.
In 2022, Pristine
Logistics & Infraprojects, through its subsidiary Pristine Malwa Logistics
Park, acquired Sical Logistics as part of a corporate insolvency resolution
process.
In the financial year 2023-24 ending March 31, 2024, Sical Logistics
reported a consolidated revenue decline to Rs 221 crore in FY2024, down by 43
percent compared to Rs 392 crore in FY2023, and a net loss of Rs 20 crore in
FY2024, significantly narrowing from Rs 797 crore in FY2023, representing a 97
percent improvement.