It gives me immense pleasure to share with you some important insights about theoverall status of your company. Largely FY 2016-17 was a satisfying year for our businessoperations as well as a year of several firsts. We strengthened our core executed keypriorities and came closer together as an organization.
LNG - FSRU: In FY 16-17 Engineering Procurement and Construction (EPQ Contractsfor the Port Terminal were finalized and issued in August 2016. Construction activitieshave commenced at site after permissions from the Gujarat Maritime Board were obtained inDecember 2016. The EPC contractor has completed a major portion of the dredging works andother onsite works are in full swing.
The Port along with the Jetty and Topside equipments will be ready for commissioningduring the last quarter of 2019.1 would like to add that after reviewing the project'sexpeditious progress the Gujarat Government will be ramping up their stake in the Projectfrom 11% to 26%.
TEXTILES: Change and adaptability is the key to success in the ever-evolvingtextile and apparel market globally. It was yet another difficult year for the globaleconomy. The overall market showed signs of recovery in the latter half of the year butfaced a temporary slowdown in November due to demonetization. That being said over the2016-17 tenure our processing unit in Ahmedabad underwent further modification andupgradation. Over the past two years our financial performance has shown an 8% top-linegrowth. The unit's export was 8.65 lac meters. The local customer base was also elevatedand the improved quality parameters enabled your company to venture deeper into theclientele base comprising the Ready Made Garment sector. I am confident that if we areable to adapt to the changing market the future will be extremely rewarding for all ourstakeholders.
REAL ESTATE: Through its 100% subsidiaries Cardinal Energy & InfrastructurePvt. Ltd (CEIPL) and Pegasus Ventures Pvt. Ltd (PVPL) your company has made furtherheadway in the real estate sector. CEIPL has completed and successfully leased out twocommercial projects this past year; the first in Whitefield Bangalore and the second inGachibowli Hyderabad both with an area of approximately 3.00 lac sq. ft premises.
Further CEIPL has entered into a Joint Development Agreement with the Land owner inBangalore to develop their land for a High End Residential Apartment Complex atYeshwantpur Bangalore. The total area for this project is 5 lac sq. ft. This project isdue to be completed in the last quarter of 2020.
PVPL continues to hold land banks in prime locations in Mangalore Mysore and Chennaiand intends to develop these in to residential and commercial projects in the near future.
I would like to take this opportunity to thank each and every employee as well as thosewho work with us across all the verticals for their unstinting support and hard work inthe service of our Company. I would also like to thank you our shareholders for yourcontinued trust in the business. It is my honor and privilege to help steer Swan Energytowards accomplishing sustainable growth and developing a business that adapts to theneeds of this fast-changing world.
Nikhil V. Merchant