Directorate change and project update

RNS Number : 9775Z

SKIL Ports & Logistics Limited

17 December 2014

 

SKIL Ports & Logistics Limited

("SPL" or the "Company")

Directorate change and project update

Appointment of non-executive director

The Company is pleased to announce the appointment of Sunil Tandon as a Non-Executive Director of the Company, with immediate effect. Mr. Tandon, 57, has over 34 years' experience in the Indian government and the private sector, with particular expertise in the development, management and operation as well as the financing of large infrastructure projects.  Mr. Tandon has been involved in a number of high profile infrastructure projects in India, which include the Port of Pipavav, Pipavav Rail, Hyderabad International Airport, Tambaram-Tindivanam Expressways,Tuni-Anakapali Expressways and the New Delhi Airport privatisation.

Mr. Tandon gained a Masters in Business Administration from Strathclyde Business School, University of Strathclyde, specialising in Finance and Financial Management. Mr. Tandon also received a Masters in Political Science and Public Administration from the University of Allahabad, as well as receiving a Bachelor of Science (BSc) from the University of Allahabad.

Further details in relation to Mr. Tandon are set out in the appendix to this announcement.

Karanja project update

Following the ceremony on 1 December, 2014 attended by the Honourable Chief Minister of Maharashtra, Nikhil Gandhi reiterated the Company's targeted opening of the port at Karanja by the end of 2015.

Whilst the Karanja project has experienced delays, following consultation with the project's main contractors, the Company remains comfortable with the overall timetable. Specifically, management is pleased to report that the work to construct and enhance the 1km approach road to the area to be reclaimed has been completed, including the construction of the bridge to enable continued water access to Karanja creek. This has enabled heavier machinery to reach the site and reclamation work has commenced on the approach trestles to the main jetty.  Dredging of the approach channel is already underway and will continue, with completion of this exercise expected by the end of June 2015. The main contractor has mobilised its workforce with fabrication of the piling gantry progressing and expected to be completed in January 2015.

Once construction of the approach trestles has been taken place, which is expected to be by the end of January 2015, piling of the main jetty will commence, with piling and ground filling expected to be the major work stream for the following 6 months. With piling expected to progress at a rate of 4-6 piles per week, the Company expects construction of a sufficient part of the jetty to be completed by the end of October 2015, thereby enabling partial opening of the port by the end of the year.

In addition, the Company expects to host a computer generated video of the project on its website (www.skilpl.com) in early January 2015 which should enable shareholders to visualise the project better.

Sunil Tandon said, "This is an exciting and energetic period in India's development with ports and logistics facilities being key to India's success. I am excited to join SPL and am very attracted by the potential that the Karanja project has. I know first hand what this team is capable of delivering in India and I am keen to play my part in ensuring the delivery of a world class port and logistics facility."

Nikhil Gandhi, Chairman of SPL said "I am delighted that Sunil has decided to join us. His talent and experience will be hugely beneficial to our Company especially during this development stage of the project build out. A port and logistics facility at Karanja has been a vision of mine for a number of years and I am staking my reputation of 25 years on ensuring that we have an operational port, that is fully funded, by the end of 2015. We will further update the market via a trading statement early in the New Year. "

Enquiries:

SPL                                                                         Pavan Bakhshi
                                                                                [phone]

                                                                                Jay Mehta

[phone]

Cenkos Securities plc                                     Stephen Keys/Mark Connelly
(Nomad and Broker)                                      [phone]

Appendix

Mr. Tandon is currently or has previously been a director or partner of the following companies or partnerships within the last 5 years:

Capital Partners

Edlife Learning Private Limited

Forum for Freedom of Expression India

Mazagon Dock Pipavav Defence Private Limited

Primeast India Private Limited

Ariston Advisors Private Limited*

Ariston Infrastructure Fund*

*Indicates no longer a director

Save as disclosed above, there is no further information required to be disclosed in accordance with Schedule 2, paragraph (g) of the AIM Rules.

 

END

 

 

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