Sical Logistics has announced the execution of a ₹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,” reads the Sical Logistics’s BSE filing on January 14, 2025.
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 ₹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 ₹221 crore in FY2024, down by 43 percent compared to ₹392 crore in FY2023 and a net loss of ₹20 crore in FY2024, significantly narrowing from ₹797 crore in FY2023, representing a 97 percent improvement.