Mercantile Ports & Logistics Limited, which is developing and operating its port and logistics facility in Navi Mumbai, Maharashtra, India is pleased to announce an update, including the signing of new contracts for the use of its facility.
The Company's subsidiary, Karanja Terminal & Logistics Private Limited ("KTPL"), has entered into a contract (the "Contract") with Rudra Marine Services (RMS), a Mumbai based, trading and stevedoring company, which handles coal and other bulk cargoes for various end customers. The Contract is for an initial period of five years and MPL is expected to handle approximately 2-3 million tonnes over the next 36 months. RMS is scheduled to commence using the facility in March, with there being a significant ramp up of operations from September 2021 onwards.