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Mercantile Ports & Logistics Ltd - Indian port and logistics facility developer and operator - Says it has signed a long term contract for services at its port in Navi Mumbai, India. Notes the contract is for 10 years, with a possible 5-year extension. Expects related revenue of GBP7 million over the next three years. Says that, under the contract, Esquire Shipping and Trading Pvt Ltd and Sai Om Petro Specialties Ltd will load and handle coal, and other bulk cargoes, at Mercantile's Karanja-based port and logistics facility. The facility provides the companies with 200 meters of berth and around 12 acres of land for cargo storage and handling.
Chief executive of Mercantile Ports & Logistics, Jay Mehta, says: "We are seeing significant interest from potential customers wanting to utilise our facilities as they re-think logistics and supply chain issues in a post-Covid world. This latest long-term contract is testament to the business we have created on the ground, which we are seeing matches the needs of our customer base."
Current stock price: 0.82 pence, up 41% on Wednesday
Year-to-date change: up sharply from 0.30p
By Scarlett Butler; scarlettbutler@alliancenews.com
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