29th Jul 2015 13:42
LONDON (Alliance News) - SKIL Ports and Logistics Ltd Wednesday said activity is resuming at the port and logistics facility being developed in Navi Mumbai, India, but said the port will not be operational until 2016.
The contractor's workforce is expected to return to the port within the next 10 to 15 days after certain local community issues, which it did not disclose, hampered operations. SKIL Ports was expecting the port to be partially operational by the end of 2015, but on Wednesday said this has now been pushed back into 2016.
"Whilst the local community issues referred to in the company's results, announced on May 20, 2015, have now been resolved as a result of these, the company now expects that the facility to be part operational during the first half of 2016," said SKIL Ports.
SKIL Ports also said the ground reclamation that has been carried out to date has remained intact over the recent monsoon period.
"The recent delays are now behind us. I do not foresee any further delays to the timetable," said Executive Chairman Nikhil Gandhi.
SKIL Ports shares were up 6.5% to 41.00 pence per share on Wednesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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