Mercantile Ports & Logistics Ltd General Update (2077R)

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RNS Number : 2077R

Mercantile Ports & Logistics Ltd

27 February 2019

27 February 2019

Mercantile Ports & Logistics Limited

("MPL", or the "Company")

General Update

MPL is pleased to announce that progress at the Company's port and logistics facility in Karanja, Mumbai, is continuing in accordance with the Board's plans. The first commercial cargo tonnages have been scheduled for arrival at Karanja next month and this marks an important milestone for the project. The Company expects the facility to quickly become a key link in the supply chain for businesses in Mumbai and the surrounding Maharashtra region.

A number of cosmetic and infrastructure workstreams are being completed on site, including to the office block, access road, border fencing, installation of CCTV security systems and demarcation of Custom Bonded Areas, before commercial operations commence next month. The Company is pleased with the level of engagement with new customers. As well as concluding an MOU with one of India's largest fertilizer companies, which is expected to be contracted next month, MPL is engaged with a number of significant potential customers from a variety of sectors and with government agencies regarding taking capacity at the facility.

As the Company prepares for full commercial operations and seeks to maximise its profile and marketing ability, it has added to its advisory panel. The Company is pleased to welcome Mr Rajeev Ranjan Sinha. Mr Sinha has served as Principal Secretary (Ports) to the Government of Maharashtra and also served as Deputy Chairman of Mumbai Port Trust and Chief Executive Officer of the Maharashtra Maritime Board. The Company looks forward to welcoming Mr Sinha and benefitting from his significant experience and expertise in the port sector.

Following the Board changes that were announced on 13 December 2018, the Company can confirm that the internal structures of the Company remain robust and have performed well. As a co-founder of the Company, Mr Bakhshi has a number of relationships both internally and externally. Following his stepping down from the Board, the Company continues to employ Mr Bakhshi and he is available to consult with the Company and to assist in avoiding any disruption in managing key relationships. Further updates will be provided as appropriate.

 
 Enquiries: 
 MPL                       Jay Mehta 
                           C/O Newgate Communications 
                           [phone] 
 Cenkos Securities plc     Stephen Keys 
                           [phone] 
 Newgate Communications    Fiona Norman 
 (Financial PR)            [phone] 
 

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February 27, 2019 02:01 ET (07:01 GMT)