Mercantile Ports & Logistics Ltd Trading Update and Multi-Year Contract Wins (1794P)
16 Febrero 2021 - 01:00AM
UK Regulatory
TIDMMPL
RNS Number : 1794P
Mercantile Ports & Logistics Ltd
16 February 2021
16 February 2021
Mercantile Ports & Logistics Limited
("MPL", the "Group" or the "Company")
Trading Update and announcement of new Multi-Year Contracts
Mercantile Ports & Logistics Limited, which is developing
and operating its port and logistics facility in Navi Mumbai,
Maharashtra, India is pleased to announce an update, including the
signing of new contracts for the use of its facility.
The Company's subsidiary, Karanja Terminal & Logistics
Private Limited ("KTPL"), has entered into a contract (the
"Contract") with Rudra Marine Services (RMS), a Mumbai based,
trading and stevedoring company, which handles coal and other bulk
cargoes for various end customers. The Contract is for an initial
period of five years and MPL is expected to handle approximately
2-3 million tonnes over the next 36 months. RMS is scheduled to
commence using the facility in March, with there being a
significant ramp up of operations from September 2021 onwards.
Whilst COVID-19 continues to have an impact on the Indian
economy, it is pleasing to report that, we have been able to
continue work on site and there have been some cargo movements,
albeit at low levels. COVID restrictions have, inevitably, caused
some timing delays in concluding contract negotiations, with access
for site visits curtailed. However, the Company is pleased with
progress being made with pipeline customers and has signed a
contract with a major cement manufacturer, which will start using
the facilities by the end of this month. The contract, which will
be implemented over two phases, is envisaged to be in place for
twenty years and is with a customer that supplies products to some
of the largest companies in the building and infrastructure sector
in India. The Company's facility will be handling cement destined
for the retail market across Maharashtra and neighbouring states
and, under the terms of the contract, KTPL will be responsible for
stevedoring operations, inter-carting and providing storage for the
cement in a covered warehouse.
Jeremy Warner Allen, Chairman of Mercantile Ports said , "I am
very pleased that we have entered into two long term contracts with
customers who have carried out significant due diligence over a
number of months on various port and logistics facilities in the
region and came to the conclusion that the Karanja facility
provides modern infrastructure that will aid in the growth of their
respective businesses. These contracts highlight the important part
that Karanja can play in the growth of Maharashtra and the
neighbouring region.
"I am also pleased with the progress being made with the
Tata-Daewoo Contract announced previously. I believe that this
clearly demonstrates our facility's importance to the region. Over
the last few months, we have significantly strengthened our
business development team and I look forward to updating the market
as we close further contracts with pipeline customers throughout
the course of the year".
Jay Mehta, CEO of Mercantile Ports, commented , "We are very
excited to be partnering with these two new customers. In both of
the contracts, there is the potential for us to provide additional
value added services and I look forward to updating the market on
this and other progress in the coming months".
Enquiries:
Mercantile Ports & Logistics Jay Mehta
Ltd
C/O Newgate Communications
+44 (0)203 757 6880
Cenkos Securities plc Stephen Keys/Russell Cook
(Nomad and Joint Broker) +44 (0)207 397 8900
Zeus Capital Limited John Goold (Corporate Broking)
(Joint Broker) +44 (0)203 829 5000
SEC Newgate Adam Lloyd/Isabelle Smurfit
(Financial PR) +44 (0)203 757 6880
mpl@secnewgate.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSFLESIEFSEEE
(END) Dow Jones Newswires
February 16, 2021 02:00 ET (07:00 GMT)
Mercantile Ports & Logis... (LSE:MPL)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Mercantile Ports & Logis... (LSE:MPL)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024