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Chennai, Aug. 16 Sical Logistics Ltd on Thursday announced that its wholly owned subsidiary Norsea Offshore Pte Ltd, has purchased a dredger for $25 million (Rs 100 crore). The dredger, built a year-ago, was purchased from Shanghai Duo Jun Dredging Co Ltd, and will continue to be deployed in China.

The dredger can dredge up to 25 metres and has a production capacity of 3,000 cubic metres an hour. It comes with a 24-metre (79-ft) 750 KW (1006-horsepower) anchor handling tender boat.

The acquisition was funded out of the proceeds of a FCCB issue that Sical made last year, the company said in a notice to the stock exchanges.

Sical Logistics expects that Norsea Offshore Pte Ltd will earn revenues of close to $10 million (Rs 40 crore) annually from the dredger.

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