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Mercantile Ports&Log (MPL)

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Monday 09 September, 2019

Mercantile Ports&Log

Secures £5.5m contract with Daewoo Tata JV

RNS Number : 6260L
Mercantile Ports & Logistics Ltd
09 September 2019
 

9 September 2019

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

Secures £5.5 million contract with Tata Projects Ltd and Daewoo Engineering

 

MPL, which is developing a modern port and logistics facility in Navi Mumbai, Maharashtra, India, is pleased to announce that its wholly owned subsidiary, Karanja Terminal and Logistics Private Limited ("KTLPL") has signed a binding contract (the "Contract") with Tata Projects Limited ("Tata Projects"), part of Tata Group, which is one of India's oldest and largest global conglomerates, and its joint venture partner Daewoo Engineering and Construction (based in Korea) ("Daewoo-Tata JV"). The Contract is expected to translate into revenue in excess of GBP 5.5 million over a 40-month period starting April 2020. There are provisions in the contract for an extension of an additional 18 months.

 

Under the Contract, the Daewoo-Tata JV will utilise the Karanja facility as its port, logistics and engineering base to execute its work streams for the construction of India's longest sea bridge - the Mumbai Trans Harbour Link -, which is one of the largest engineering projects in India. The project has an estimated build cost of approx. $2.1 billion.

 

The Directors believe that MPL's facility in India is ideally situated and offers its clients a modern port and logistics facilities close to the heart of the trading and industrial capital in India. The Directors are delighted to have secured another contract and expect further capacity to be secured in the coming months.

 

Jay Mehta, CEO of Mercantile Ports and Logistics, said, "We are honoured to be partnering with such globally prestigious companies who painstakingly research the opportunities available to ensure they have the logistical characteristics to support their projects. We believe that the fact that they want to use our facility demonstrates the important role Karanja Port will play in the continuing development of Maharashtra state, India's most important commercial region."

 

Nikhil Gandhi, Chairman of Mercantile Ports and Logistics, said, "As the development of our project keeps advancing, we expect to sign up more customers during the course of 2019. It truly is a mark of confidence that world-class companies like Tata Projects and Daewoo see the benefits of our facility. The Mumbai Trans Harbour Link is a symbolic landmark project for the state of Maharashtra but also for the Central Government of India under Prime Minister Modi's leadership."

 

About Tata Projects

Tata Projects is part of Tata Group, one of India's oldest and largest companies generating revenues in excess of $110 billion. Tata Projects is one of the fastest growing and most admired infrastructure companies in India. It has expertise in executing large and complex urban and industrial infrastructure projects.

 

The company provides turnkey solutions for the construction of roads, bridges, fully integrated rail and metro systems, commercial buildings and airports and setting up power generation plants, power transmission and distribution systems, chemical process plants, water and waste management and complete mining and metal purification systems.

 

The company is driven to deliver projects on time using world-class management techniques and has uncompromising standards of safety and sustainability.

 

About Daewoo Engineering and Construction

Daewoo E&C is a world-renowned global construction company, and aims to be a Global Top 20 by 2025. The Company's wide range of businesses includes infrastructure, industrial facilities (including oil and gas plants), skyscrapers, and other buildings. It has said that it is dedicated to leading the Fourth Industrial Revolution through the development of new and exciting technologies. In 2018, the Company had revenues in excess of $8.7 billion.

 

This announcement contains price sensitive information.

 

Enquiries:


MPL

Jay Mehta


C/O Newgate Communications


+44 (0)20 3757 6880

Cenkos Securities plc

Stephen Keys


+44 (0)20 7397 8900

Newgate Communications

Adam Lloyd / Fiona Norman

(Financial PR)

+44 (0)20 3757 6880

 


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