PSA International has bought out the 27 percent stake in Chennai International Terminals (CIT) from its joint venture partner Sical Logistics for an undisclosed sum, the Hindu Business Line reported.

"It is a strategic decision to divest stake in the terminal and concentrate more on handling bulk cargo," said L R Sridhar, Managing Director, Sical Logistics.

The company will use the sale proceeds for the upcoming auto yard management project being done in association with Mitsui OSK Lines at Ennore and the other ongoing projects, he said.