September 9, 2019: In a bid to pare debt, Coffee Day Enterprises Ltd (CDEL), founded by late coffee tycoon VG Siddhartha, has put its multimodal logistics provider Sical Logistics up for sale.
The development was reported by the daily Livemint.
The report quoted unnamed sources confirming that CDEL has hired ICICI Securities as adviser for the potential transaction, which could see the group holding company raise Rs1,000-1,500 crore.
CDEL has a consolidated debt of aroud Rs4,400 crore.
It will sell the Global Village Tech Park, which will bring down the debt to around Rs2,000 crore.
A part of these proceeds will go to CDEL's books towards working capital requirements.
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December 04, 2019: Allcargo Logistics emerged as the front-runner to buy the container freight station (CFS), inland container depot (ICD) and rail logistics business of Sical Logistics from the Coffee Day Group, as reported by Business Line.
Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical, holds a Category I license from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments.
It runs three container freight stations at Chennai, Tuticorin, and Visakhapatnam, and is in the process of building two rail-linked ICDs spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai.
The three CFSs’ run by Sical handle about 15,000 twenty-foot equivalent units (TEUs) a month on an average.
In FY19, the three stations handled a combined 170,000 TEUs.
The Coffee Day Group had mandated ICICI Securities to sell Sical Logistics as part of a plan to cut the group’s debt.
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