Logistics services provider Pristine Logistics & Infraprojects gets approval from a lenders panel to acquire Sical Logistics for around Rs 520 crore. Sical Logistics was previously owned by the Coffee Day Group.The creditors have decided to take a haircut of as much as 65% to put the firm back on track on a going concern basis. The resolution plan presented by private equity company Global Infrastructure Partners-backed Pristine Logistics was sanctioned by the Committee of Creditors (CoC) on Friday.The lenders' dues will be cleared within two years. Pristine Logistics was among the four to file a resolution plan for the Chennai-based company. The resolution professional had suggested the resolution plan presented by Pristine Logistics to the CoC. Some 78% of the creditors voted in favour of the Pristine Logistics resolution plan. In March 2021, the National Company Law Tribunal (NCLT) ordered the commencement of the corporate insolvency resolution process (CIRP) under the bankruptcy law against Sical Logistics. Mumbai-listed Sical Logistics owes Rs 1,599.50 crore to a clutch of banks and financial institutions like YES Bank Ltd, Bank of Baroda, IDFC Bank Ltd, RBL Bank Ltd, among others. Of this, the resolution professional has admitted Rs 1,574.06 crore. In 2011, the Coffee Day Group via its subsidiary Tanglin Retail Realty Developments procured Sical Logistics from Chennai-based M A Chidambaram Group. Sical Multimodal and Rail Transport Ltd (SMART), the rail logistics wing of Sical Logistics, owns a Category I licence from the Indian Railways, to ply container trains throughout the Indian Railways network in both the export-import and domestic segments. SMART holds seven rakes of 45 wagons each and some 1,000 containers. It additionally operates three container freight stations (CFS) at Chennai, Tuticorin, and Visakhapatnam, and is in the process of developing 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 additionally owns a 49% stake in PSA-Sical Terminals Ltd, the entity that operates a container terminal at Centre-owned V O Chidambaranar Port Trust. The terminal is majority held by PSA International Pte Ltd, a unit of Temasek Holdings, Singapore’s sovereign wealth fund. Image SourceAlso read: Mahindra Logistics acquires 60% stake in ZipZap for Rs 72 cr