Business
Inauguration Ceremony of Port & Logistics Facility
Inauguration Ceremony of Port & Logistics Facility.
About this update from Mercantile Ports & Logistics Limited
[{"type":"text","content":"\n \nRNS Number : 5213S Mercantile Ports & Logistics Ltd 12 March 2019 \n\n12 March 2019\n \nMercantile Ports & Logistics Limited\n(\"MPL\", or the \"Company\")\n \nInauguration Ceremony of Port & Logistics Facility\n \nMercantile Ports & Logistics Limited (AIM: MPL) is pleased to announce that the inauguration ceremony of its port and logistics facility at Karanja Creek, near Navi Mumbai (the \"Facility\"), took place on 8 March. The event was presided over by the Honourable Chief Minister of Maharashtra and attendees included the Honourable Minister of Fisheries Development, Mr. Mahadev Jankar, the Honourable Minister of State for Ports, Mr. Ravindra Chavan, the Principal Secretary (Ports) and the Vice Chairman of the Maharashtra Maritime Board, along with other state government officials, dignitaries and existing contracted and potential customers of the Facility. \n \nThe Company was delighted to receive words of support and encouragement from the Chief Minister and looks forward to Karanja being a key part of the port and logistics infrastructure in Maharashtra, India's most industrialised state. The Company also welcomed Mr Jankar's comments in his address, which identified the Facility as being considered for investment by his ministry as an international marine hub, given its proximity to one of the largest fishing centres in the State. \n \nThe ceremony followed assurances that the full customs' approval process will be concluded shortly and coincided with the Company's first revenue generated from customer cargo operations, discharging steel products for one of India's leading steel producers. Whilst initially small, this operation took place after a successful trial and is another proud milestone for the Company, demonstrating the increasing interest major industrial businesses have in the Facility. \n \nThe inauguration was an opportunity for non-executive directors of the Board and for advisers to the Company to meet customers and see, first hand, the growing demand for the Facility. Now that the Facility has reached this point, it is clear that the Company has options as to which types of business it should pursue, as potential customers have varying merits such as speed of implementation, price, infrastructure required and length of contract. The...