Mercantile Ports & Logistics Regulatory News (MPL)

SKIL Ports & Logistics Limited

("SPL" or the "Company")

Update re Karanja project

The Company is pleased to announce that it has selected ITD Cementation India Limited ("ITD") as its primary contractor for the build out of its port and logistics facility in Karanja, Maharashtra, India. ITD was chosen after a competitive tender process, with SPL being advised by Royal Haskoning DHV through the tender process and subsequent evaluation of the bids. The Company expects to complete all necessary legal documentation shortly and for the mobilisation of manpower and equipment to be completed within 45-60 days. Further developments will be announced in due course.

As at January 31, 2013, the Company had cash and cash equivalent balances of GBP 65.3 million (using the exchange rate as at 26 February 2013).

Nikhil Gandhi, Chairman of SPL said, "We are pleased to be able to announce ITD Cementation as our primary contractor and look forward to them helping us deliver our facility. This is another exciting step as we evolve further into the execution phase of the build out of our project."

About ITD Cementation

ITD Cementation is a leader in the field of Maritime Structures, with its presence in India dating back to 1931. The company has worked in all India's major ports and majority of the minor ports of the country. In Chennai, Ennore, Haldia, Kakinada, Kandla, Pipavav, Dahej, Mormugoa, Karwar, Mumbai NhavaSheva, Paradip, Tuticorin and Visakhapatnam, the Company has built jetties for handling liquid and solid cargo, berths, wharves and quays for handling general cargo/containers. Dedicated jetties, product handling terminals, ship repair and ship building facilities are also part of the Company's portfolio. 

Enquiries

SPL Pavan Bakhshi

+44 (0) 7956 209433

Cenkos Securities plc Stephen Keys(Nomad and Joint Broker) 020 7397 8926

Arden Partners plc Adrian Trimmings

(Joint Broker) 020 7614 5920