Mercantile Ports & Logistics (AIM: MPL), which is developing a modern port and logistics facility in Mumbai, India, is pleased to announce its preliminary results for the year ended 31 December 2018. These are set out below.
- Inauguration ceremony took place on 8 March 2019 and first revenue generated from customer cargo operations
- All customs approvals now received and customs IT connections established
- MMB granted lease extension from 30 to 50 years
- MMB granted approval to develop additional 200 acres of land and 1000 meters of waterfront
- Completion of £29.8 million fund raise
Nikhil Gandhi, Executive Chairman of MPL, commented: "2018 was a year of progress and that has continued into 2019. Customers have been secured and the inauguration ceremony, alongside our first revenue generating cargo movement, were important milestones.
With a growing economy and a settled political backdrop which is supportive of infrastructure development and the Company, I am excited about the prospects for MPL."