Pristine Logistics & Infraprojects has secured approval from a lenders panel to acquire Sical Logistics , the bankrupt firm previously owned by the Coffee Day Group, for about ₹520 crore.

The creditors have agreed to take a hair cut of as much as 65 per cent to put the company back on track on a going concern basis.

The resolution plan submitted by private equity firm Global Infrastructure Partners-backed Pristine Logistics was approved by the Committee of Creditors on Friday, multiple sources said. “The deal is through,” said a banking source briefed on the development. “The lenders dues will be cleared within two years,” he added.

Pristine Logistics was among the four to file a resolution plan for the Chennai-based firm. The resolution professional had recommended the resolution plan submitted by Pristine Logistics to the CoC. Some 78 per cent of the creditors voted in favour of the Pristine Logistics resolution plan, the source said.

In March last year, the National Company Law Tribunal (NCLT) ordered start of corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics.

Mumbai-listed Sical Logistics owes ₹1,599.50 crore to a clutch of banks and financial institutions such as Bank of Baroda, YES Bank Ltd, RBL Bank Ltd, IDFC Bank Ltd, among others. Of this, the resolution professional has admitted ₹1,574.06 crore.

In 2011, the Coffee Day Group through its subsidiary Tanglin Retail Realty Developments , acquired Sical Logistics from Chennai-based M A Chidambaram Group.

Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, holds a Category I license from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments.

SMART owns seven rakes of 45 wagons each and some 1,000 containers. It also runs three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of building two rail-linked inland container depots (ICD) spread over 70 acres of land near Whitefield in Bengaluru and on 80 acres in Chennai.

Sical Logistics also holds 49% stake in PSA-Sical Terminals Ltd, the entity that runs a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority owned by PSA International Pte Ltd, a unit of Temasek Holdings , Singapore’s sovereign wealth fund.