1955 - The Company was incorporated as a Private Limited Company on 6th
May, 1955. It became a public limited company on 20th March,
1981. The Company was founded by M.A. Chidambaram and his son
A.C. Muthiah. The Company is engaged in shipping, stevedoring,
ship chartering, ship repairing, marine engineering, marketing
and clearing and forwarding business.
- The Shipping division of the Company is known world over more
popularly by its cable address 'GOODWILL' and represents many
liner owners belonging to leading maritime countries like Greece,
U.K., Scandinavia, Japan, Italy, etc. having branches at all
ports both in East and West Coasts of India.
- 18,115 No. of equity shares subscribed for by the signatories to
Memorandum, Directors, etc.
1972 - The Ship Repair Division was created during the year with its
base at Chennai. It carried out afloat repairs of all kinds to
hull structure and machinery of both deck and engine of
ocean-going vessels, conforming to the standards of
1983 - 1,81,115 bonus shares issued in prop. 1:1 on 6th December.
Equity shares sub-divided on 15th December.
1984 - In February, an offer for sale was made of 2,00,000 No. of equity
shares of Rs 10 each at a premium of Rs 15 per share to the
Indian Public. The main object of this issue was to get the
equity shares of the Company listed on Stock Exchange.
1985 - A new company under the name of Goodwill Tide Water (India), Ltd.
was incorporated on 4th November. The Company's application for
collaboration with Tidewater Inc., U.S.A. was not approved due to
change in Govt. Policy.
1987 - 3,62,300 bonus share issued in prop. 1:1.
1988 - The Company took up diversification in the areas of fabrication
and building of steel barges, electro hydraulic grabs, pay-loader
buckets and survey launches.
1989 - The Ship Repair Division undertook fabrication of floating
platform storage tanks as sub-contractors for M/s. Chokkani
International, Ltd. The division received the official
recognition as an authorised independent service facility from
Woodward Governor Services, U.S.A.
- During July-August, the Company offered 3,62,500-12.5% secured
redeemable, partly convertible debentures of Rs 100 each on
'Rights basis' in the proportion 1 debenture: 2 equity shares
held. Additional 31,764 debentures were allotted to retain
- Simultaneously another 18,125-12.5% debentures were issued to
employees under the Employees' Stock Option Scheme (only 6,805
debentures were taken up). The unsubscribed portion of 11,320
debentures was allowed to lapse.
- Rs 60 of the face value of each debenture was to be converted
into 2 equity shares of Rs 10 each at a premium of Rs 20 per
share at the expiry of six months from the date of allotment of
debentures. Accordingly, 8,02,138 No. of equity shares were
allotted at a premium of Rs 20 per share.
- The remaining Rs 40 of the face value of each debenture was to be
redeemed at par in 3 annual instalments of Rs 14, Rs 14 and Rs 12
on the completion of 6th, 7th and 8th year respectively from the
date of allotment of debentures.
1990 - The Boat building yard at Pondicherry was engaged in building one
steel mooring launch, 2 Nos. water barges and 3 Nos.
1991 - The Working of Stevedoring Division continued to be adversely
affected by various factors like unhealthy competition, fall in
tonnage, reduction in rate, escalation in cost of operation and
heavy overhead expenses.
1994 - During October-November 1993, 15,26,738 Rights shares issued
(Prop. 1:1; Prem. Rs 40). Another 76,337 No. of equity shares
issued to employees at a premium of Rs 40 (only 33,580 shares
taken). Subsequently, 14,00,000 shares at a premium of Rs 40 per
shares allotted on preference basis to NRI companies viz.,
Ranford Invest. Ltd. and Darrothy Investment Ltd.
1995 - The High Court, Chennai sanctioned amalgamation of Jayanarayani
Investments Pvt. Ltd., Goodwill Growth Fund Pvt. Ltd., Surasena
Investments Pvt. Ltd., Southern Technical Services Pvt. Ltd.,
Dhenuka Investments Pvt. Ltd., Kanakangi Investments Ltd., South
India Holdings Pvt. Ltd., Shreemathey Investment Ltd. and South
India Automative Corporation Pvt. Ltd. consequent to the
amalgamation 228260 shares held in amalgamated company by the
amalgamating companies were cancelled.
- 100,00,000 preference shares issued. 2,26,120 (228,260) shares
held in amalgamated company by the amalgamating companies were
1996 - In order to develop the business of the Company in chartering
offshore vessels, the Company negotiated with Tide Water India
Inc., U.S.A. for forming a joint venture company for supply of
technical know-how and management of supply vessels.
- 42,18,458 bonus equity shares allotted. 27,42,623 No. of equity
shares of Rs 10 each allotted to the shareholders of amalgamating
1997 - The Stevedoring Department acts as stevedores for Russian Lines,
Romanian Lines, Jugolinija, Nippon Yusen Kaisha at Chennai and
other Ports and also for most of the Public and Joint Sector
Units. The Division also handles cargo at Chennai Port, Vizag,
Mangalore and also enlarging its activities in other ports such
as Goa, Cochin, Mumbai, Calcutta, etc.
- The Goodwill Heavy Equipment Division was controlling and
maintaining Heavy Cargo Handling equipment of the Company.
- The Goodwill Travels & Cargo Division was a recognised IATA
Agents for Air Cargo and Air Travel, National and International
Bookings. The Company was in the Computer net work of the Indian
Airlines for instant ticketing for domestic travels.
- The marketing division was engaged in distribution of electrical
PVC insulated housewiring cables, industrial cables, power
cables, submersible cables, vinyl hoses, energy meters, rigid PVC
pipes and fittings, galvanised and mild steel pipes for the
purposes of water, gas, steam tabular trusses, iron and steel
materials, chemicals and fertilisers, linoleum floor coverings, etc.
- As per the orders received from the High Court of Judicature at
Chennai dated 25th April, ACT India Ltd. and MAC Industrial
Products Ltd. were amalgamated with the Company.
- Effective 1st April, Trichy Everest Automobiles and Agencies Pvt.
Ltd. one of the companies in the group was amalgamated with the
- 10,000,000-14% Pref. shares issued to HDFC. 98,60,910 No. of
equity shares of Rs 10 each issued on conversion of 1% pref.
shares to the pref. shareholders. Another 42,14,382 No. of
equity shares issued to the shareholders of erstwhile ACT India
Ltd. and MAC Industrial Products Ltd.
- South India Corporation (Agencies) Ltd (Sical), is floating a
joint venture with the Tamil Nadu Tourism Development
Corporation (TTDC) for conducting water sports at Muttukadu,
1998 - The Company had signed a joint venture agreement with PSA India
Pte. Ltd., Singapore and Nur Investments and Trading Pte. Ltd.,
in July for development, management and operation of the
seventh berth at Tuticorin as a full fledged container terminal
on BOT basis.
- Shareholders of South India Corporation (Agencies) Ltd (Sical)
have passed a resolution for the issue of equity shares to Mac
Agro Industries' shareholders as proposed in the scheme of
amalgamation of the two companies.
1999 - With the merger of MAC Agro Industries Limited into SICAL, the
Company has re-structured itself into 5 distinct business groups,
- Auto Components Division, a technical assistance agreement was
signed with United Technologies Automotive Inc., USA for the
manufacture of engine cooling modules.
- Auto Components Division, will go into commercial production by
first week of November.
- South India Corporation (Agencies) Ltd (Sical), has won a major
long-term coal handling contract on BOT basis from Tamil Nadu
Electricity Board (TNEB) for the new port at Ennore.
2000 - SICAL had formed a 50:50 joint venture with Coeclerici Logistics
of Italy to form a company called SICAL Coeclerici Logistics Ltd.
- The Chennai-based South India Corporation (Agencies) Ltd. will hive off its
sugar division and even look for a 'co-investor' for participating in the equity
capital of the hived-off company.
- The Company has hived off its profit making auto components division into a joint
venture with Mitsuba Corporation of Japan as majority stakeholder.
2002-The Board of Directors on September 16, 2002 accepted the resignation of Mr Tony Adam, Managing Director and he would be relieved from the services of the company, during the 3rd week of November 2002.
- Sical Logistics Ltd has informed that the Company has won the Operations and
Maintenance (O&M) bid for operating 17 Samudrika category vessels for ONGC for the fifth time. This is an important win for the Company as it comes in time with the announcement of the restructuring of the Company and reiterates the Company's dominance over the offshore logistics sector.
- Sical Logistics Limited has appointed Mr. Sudhir Rangnekar as Managing Director and Group CEO of the Company effective 3rd August, 2007. Mr. Karthik Menon, hitherto the Whole-time Director of the Company shall henceforth be the Promoter's Nominee Director.
-Sical Logistics Ltd has informed that Sical Infra Assets Ltd, the 100% subsidiary of the Company has successfully signed a shareholders agreement with Old Lane Mauritius IV Ltd, Mauritius for an investment of USD 26 million subject to necessary approvals from FIPB.
-Sical Logistics Limited has appointed Mr. V. Radhakrishnan as Company Secretary and Compliance Officer.
- Sical Logistics Limited has submitted a copy of the notice sent to the shareholders under Sec 302 of Companies Act, 1956 providing the details of appointment of Mr. L.R. Sridhar as the Managing Director of the Company.
- Sical Logistics, a leading provider of multi-modal integrated solutions for the logistics of bulk and containerised cargo, has bagged a contract for Rs. 163 crore from Hindustan Copper for the multimodal port, train, and road logistics of copper concentrates, cathodes, and continuous cast copper wire rods. The contract has a term of two years and is extendable by one more year.