MPL enters MoU

RNS Number : 5698A

Mercantile Ports & Logistics Ltd

27 March 2017

 

27th March 2017

Mercantile Ports & Logistics Limited (the "Company")

MPL enters MoU to develop facility at its port in Mumbai

Mercantile Ports and Logistics (AIM:MPL), and its wholly owned subsidiary M/s. Karanja Terminal and Logistics Pvt. Ltd, is pleased to announce it has entered in to a Memorandum of Understanding (MoU) with a leading Engineering and Logistics Project Execution company.

The agreement will allow for the use of 200 metres of the quay length as an area for handling cargo related to the decommissioning of wellhead platforms for the gas industry. It also includes plans to develop a yard area at the port which is expected to be ready in time for commencement of port operations.

The commercial terms relating to the use of the facility are to be agreed between the parties concerned within 60 days from the date of signing of the MoU.

Chief Operating Officer Jay Mehta said, "As the facility moves to commencement of commercial operations, it is attracting an increasing number of local and international businesses expressing an interest in basing operations at the port and logistics facility. This is very encouraging and is testament to both the rapid growth in the area, and the clear demand for a modern port and logistics facility in Mumbai area.

Following the news that construction will begin at the Navi Mumbai Airport later this year, it is clear to see that the region is developing into a hub for trade and infrastructure. We believe that our port and logistics facility will complement the ongoing development in the area and will attract further opportunities going forward."

Enquiries:

MPL	Pavan Bakhshi/Jay Mehta C/O Redleaf Communications [phone]
Cenkos Securities plc         (Nomad and Broker)	Stephen Keys/Camilla Hume [phone]
Redleaf Communications    (Financial PR)	Charlie Geller/Sam Modlin [phone] [e-mail]

 

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