| Chennai, 6 August 2007: Sical Logistics Ltd, India’s leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerized cargo, has appointed Sudhir Rangnekar as Managing Director and Group CEO, effective 3 August 2007.
Mr Rangnekar will be in charge of overall operations, financials, and human resources of Sical and all its associate companies. He will also be involved in identifying and grooming the next rung of leaders to drive Sical’s vision of leadership in value-added third party multi-modal logistics solutions.
Mr Rangnekar has more than 30 years of experience with India’s leading shipping company, Shipping Corporation of India Ltd. He joined Shipping Corporation in the technical services division in 1976, after which he held various positions in commercial operations, finance, purchase and service, corporate planning, and administration, among others.
Mr Rangnekar is an alumnus of the Indian Institute of Technology in Mumbai, and the Indian Institute of Management, Ahmedabad.
Sical Chairman Ashwin Muthiah said that the appointment of Mr Rangnekar was a critical step in Sical’s business, organizational, and professional restructuring. “From the perspective of governance and shareholder value, the appointment of a Managing Director and Group CEO is crucial as operations and management now report to a single entity: it ensures a healthy arms’ length relationship between shareholders and management,” Ashwin Muthiah said.
“Translating our vision of integrating the multiple components and modes of the logistics web into a seamless whole requires skills, experience, and leadership—we are honored that one of India’s top managers in the shipping and logistics domain has accepted our challenge. We are pleased to welcome Mr Rangnekar into the Sical family and look forward to his leadership,” added Ashwin Muthiah.
Karthik Menon, earlier Whole-time Director, to be Promoter’s Nominee Director
Karthik Menon, earlier Whole-time Director on Sical’s Board, will now be the Promoter’s Nominee on the Board. Karthik Menon was responsible for drafting and implementing Sical’s restructuring strategy and raising resources for the organization.
“Karthik Menon has been instrumental in Sical’s restructuring and will now be the Promoter’s Nominee on the Sical Board. Karthik played a critical role in delivering my vision for Sical with the restructuring of the company and in raising resources for the organization,” Ashwin Muthiah said.
“Mr Menon will continue as my nominee on the Sical Board and will continue to manage the development of shareholder value and corporate governance at Sical. With the professional team in place, Mr Menon will actively look at the development of the company’s new service and asset model,” added Ashwin Muthiah
About Sical
Sical Logistics Ltd is India’s leading provider of integrated solutions for offshore logistics and multi-modal logistics for bulk and containerized cargo. In 2006-07, Sical moved nearly 22 million tonnes of bulk cargo and 500,000 TEUs of containerized cargo—more than any other third party logistics (3PL) services provider in South Asia.
Sical’s services consist of:
- Bulk logistics: stevedoring; port terminals; customs house agency; ship agency; trucking; railroad; warehousing.
- Container logistics: Container terminals; ICDs/CFSs.
- Offshore logistics: PSV services for deepwater oil drilling; O&M of PSVs for oil exploration companies such as India’s ONGC.
Sical's delivery infrastructure network includes an exclusive walk-in berth at Chennai for ships carrying bulk cargo; a container terminal at Tuticorin; 1.1 million square feet of storage across over 100 warehouses; owned and regularly contracted trucking fleet of over 2500 vehicles; and container freight stations at 4 locations across India. Sical's FY2006-07 revenue was Rs 9.90 billion on Rs 301.9 million equity capital.
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