Sical Logistics wants to handle thermal coal at its moribund iron ore terminal at the Indian port of Ennore, which has been idle for two years following an export ban on iron ore. Some $76 million was invested in the terminal, with more than $600,000 being spent each month simply to service the principle, interest and other expenses. To offset its investment, Sical wants to handle coal for the Tamil Nadu Electricity Board, for which approval has already been given by Ennore port. However, the final go-ahead is still awaited from the Shipping Ministry, which may block the move given that the Chettinad group is already undertaking coal handling at the port.
BC