Mercantile Ports & Logistics Ltd Project Update (4462V)
November 03 2017 - 2:00AM
UK Regulatory
TIDMMPL
RNS Number : 4462V
Mercantile Ports & Logistics Ltd
03 November 2017
3 November, 2017
Mercantile Ports & Logistics Limited
("MPL" or the "Company")
Project update
Mercantile Ports & Logistics Limited ("MPL") is pleased to
announce that it has reached a key milestone as it develops its
modern port and logistics facility in Mumbai, India. MPL can
confirm that it has now driven the last of the 248 piles required
for the 400 meters of jetty, which will enable 800 meters of quay
length to be operated once deck slabs for the entire length are
laid.
The Company also reports that 160 meters of jetty deck slabs
have now been fabricated and laid. After a stuttering end to the
monsoon, the site is now dry and reclamation work is expected to
recommence shortly after removal of revetment, which is in
progress. In the meantime, the Company is pleased to report the
achievement of the important piling milestone and the Company is
working hard alongside its main contractor to enable the facility
to commence operations by the end of the year.
Executive Chairman Nikhil Gandhi said,
"MPL is focused on reaching the operational phase of its port
facility in Mumbai so that we are in a position to capitalise upon
the demand to use the port that we know is there. We believe that
the completed facility will be well aligned with the Government of
India's initiative to promote coastal and in-land waterways
movement of cargo. It echoes the recent statement from the Prime
Minister, Narendra Modi, who said that his government has been
given a new mantra "P for P", referring to Ports for
Prosperity."
Enquiries:
MPL Pavan Bakhshi/Jay Mehta
C/O Redleaf Communications
+44 (0) 20 382 4769
Cenkos Securities plc Stephen Keys/Camilla Hume
(Nomad and Broker) +44 (0) 20 7397 8926
Redleaf PR Charlie Geller/Fiona Norman
(Financial PR) +44 (0) 20 7382 4769
MPL@redleafpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
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