Mercantile Ports & Logistics secures £5.5 million contract with Tata Projects and Daewoo Engineering
MUMBAI: Mercantile Ports & Logistics (MPL), which is developing a modern port and logistics facility in Navi Mumbai, Maharashtra, India, announced that its wholly owned subsidiary, Karanja Terminal and Logistics Private Limited (KTLPL) has signed a binding contract with Tata Projects Limited and its joint venture partner Daewoo Engineering and Construction.
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."
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.