22nd Apr 2015 08:33
LONDON (Alliance News) - SKIL Ports & Logistics Ltd on Wednesday said it made progress on the development of its ports and logistics facility in Mumbai, India in the first quarter of 2015, though it said it is experiencing some short-term delays due to issues with the local community.
The group said it has completed the East Approach tressle at the site, with fabrication of the piling gantry complete and is expected to be assembled to allow the start of piling works in coming weeks.
The company said, however, it has recently reduced activity at the site in order to resolve certain local community issues, which it did not disclose. It hopes that will resolve these soon and that normal activity will begin again in coming weeks. Once normal activity starts, SKIL expects on-site works to move from a 12-hour to a 24-hour operation, which it expects to boost productivity by 60-70%.
SKIL said it has now entered talks with a number of potential users of the facility, adding the initial feedback was encouraging.
"Progress has been made and the pace of works earlier this year gives me confidence that the management will deliver a part operating facility by the end of 2015. I do not see these short term delays significantly impacting our timetable," said SKIL Executive Chairman Nikhil Gandhi.
"The outlook for the ports and logistics sector in India remains positive, and I am confident our facility in Karanja will play its part in the growth of the sector and the country," Gandhi added.
Shares in SKIL were down 7.6% to 49.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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