Chennai: Port terminal cargo handling company Sical Logistics has sold manufacturing facilities and assets of its auto components division, Indrad Auto Components, for Rs 14.69 crore to Lucas TVS.
With this, the total funds realised by Sical since the start of the disinvestment process in 2006 has gone up to Rs 90.18 crore, a company press release said here on 8 August.
The exit from the facilities of the auto components division, part of the non-logistics business of Sical, was in line with the company’s strategy to move out of its non-core segments and focus on the core business of logistics.
The current sale does not include the GATE business of Indrad, the release said, adding that the firm was in a ‘technology transfer´ agreement with GATE SRL of Italy since 1997 to source ready components used in manufacture of high wattage engine cooling modules.
The facilities at Indrad were used for assembling and completing process technology related activities before delivering the end product to the customer.