Sical has been working on the divestment of certain assets and the proceeds from divestment are expected to significantly reduce the company's debt.
While Tanglin Retail Reality Developments Pvt Ltd, a part of the Coffee Day Group, has a 50.19 per cent stake in the logistics and supply chain solutions company, Giri Vidyuth (India) Ltd holds a 4.99 per cent stake. The late V G Siddhartha, its promoter, personally held 0.68 per cent stake in the company. However, the entire 4,00,000 shares held by Siddhartha and almost 95.32 per cent of the stake of Tanglin Retail in Sical Logistics
is pledged or otherwise encumbered according to a company filing.
The Coffee Day Group acquired majority stake in Sical from the previous promoters, the M A Chidambaram Group, in September 2011. The company is an integrated logistics solution provider for bulk and containerised cargo in the country, and has interests in mining, port logistics, road and rail transport, container freight station, warehousing and shipping among others.
The net profit of the company, on a consolidated basis, for the quarter ended June 30, 2019, grew by 23.5 per cent to Rs 2.79 crore as compared to Rs 2.26 crore during the same quarter last year. The total income grew over 12 per cent to Rs 365.32 crore during the quarter, as against Rs 324.78 crore in the corresponding period of the last fiscal.