- Mercantile Ports and Logistics (MPL), currently operating and developing its port and logistics facility in Navi Mumbai, Maharashtra, India, has announced a re-structure debt facility and a new appointment to its board of directors.

The company has announced that it has successfully negotiated a re-structure debt facility with its banks in response the acute disruption caused by the Covid-10 pandemic in India.

The terms of the re-structure include: a lowered interest rate (from 13.45% to 9.5% per annum), a moratorium on interest payments until February 2022 and an extension of amortisation of the principal loan amount by 24 months – from October 2020 to October 2022.

Jeremy Warner Allen, chairman of MPL said: ‘The restructured debt facility is testament to the growing strength of MPL's business. The opportunities now available to MPL are significant and it is very pleasing to note that our consortium of banks endorse our business.’

‘Our Karanja based port and logistics facility has moved from being a development project to becoming a revenue generating asset. While the Covid-19 pandemic has, as for many companies in India and around the world, had an impact on our business, I am pleased about the progress that has been made by our business development team,’ he continues.

In addition, the company has announced the appointment of Peter Mills to the board as a non-executive director and chair of the audit committee with immediate effect.

Story provided by