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.
