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Sical to invest Rs 350 cr in container train operations
Our Bureau
Chennai
,
Feb. 15
SOUTH India Corporation (Agencies) Ltd on Wednesday announced plans to invest Rs 350 crore in container train operations.
"The investment will go towards developing container train operations connecting the Jawaharlal Nehru Port Trust (JNPT) at Nhava Sheva, near Mumbai, to the company's existing inland container deport at Noida, near Delhi, and towards developing similar operations on three other strategic routes in India," said a notification to the stock exchange from the company.
Major expenditure will include creating facilities with railway sidings at the inland locations, and investments in container rolling stock and handling equipment, the notification said.
The notification said that Sical "will deposit the earnest money amount of Rs 50 crore shortly." Sources told Business Line that once the earnest money is deposited, grant of licence to operate is automatic.
"The licence to operate container trains would be for a 20-year period and may be extended by another 10 years subject to certain conditions relating to performance," the notification said.
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