Update re Karanja project

RNS Number : 0542D

SKIL Ports & Logistics Limited

24 April 2013

 



SKIL Ports & Logistics Limited

("SPL" or the "Company")

Update re Karanja project

The company is pleased to confirm that further to the announcement on 27 February 2013 (RNS No: 7396Y) all necessary legal documentation regarding the appointment of ITD Cementation India Limited as the Company's primary contractor for the build out of the port and logistics facility in Karanja has now been completed.   Mobilisation of manpower and equipment will continue for approximately 35 days.  Ground works are expected to commence by the end of June with the project anticipated to be completed within 26 months. The Company also confirms that the cost for the development of the project, which is fully funded from a debt and equity perspective, is expected to be in line with that given at the time of the IPO.

The Company is pleased to announce that it has hired Umesh Grover as Head of Business Development and Sales & Marketing. Umesh has an extremely well regarded track record of 39 years, which includes his most recent stint as a Director on the Board of The Shipping Corporation of India, one of the largest shipping companies in the world. 

The Board is further pleased to announce that it is in the process of early stage negotiations with a number of end users for the Company's facility.

Enquiries

SPL                                                         Pavan Bakhshi

                                                                [phone]

Cenkos Securities plc                     Stephen Keys
(Nomad and Joint Broker)           020 7397 8926

Arden Partners plc                          Adrian Trimmings

(Joint Broker)                                    020 7614 5920

 

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