MOL Exploring JV with Sical Logistics for Completed Car Yard Operation in India
-Preparation for Exports from Ennore Port
August 04, 2009
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL, President: Akimitsu Ashida) today announced the signing of a memorandum of understanding with Sical Logistics Ltd.*1, in preparation for the launch of a joint venture (JV) to operate a completed car yard at Ennore Port near Chennai, India.
MOL and Sical each brings unique strengths to the partnership. MOL has accumulated decades of know-how in Asia's automobile logistics market, while Sical has a proven track record in port and harbor operations in southeast India. The companies plan to establish the JV within 2009.
The joint venture will be engaged in yard operations such as storage and preparation for loading of vehicles at the export port, of all operations for exports of Nissan vehicles, for which MOL has already secured a contract.
*1 Sical Logistics Ltd.
Headquarters: Chennai City
Founded: May 1955
Paid-in-capital: 395 million Indian rupees (INR) (about US$ 8.2 million)
Revenue: 7,205 million Indian rupees (INR) (about US$149 million) for FY2007
No. of employees: 608 (as of March 2009)
Business: Bulk cargo logistics, container cargo logistics, offshore-related logistics*2
*2 In the port and harbor business, operates container terminals jointly with foreign companies at Chennai and Tuticorin ports as well as a steam coal terminal at Ennore.