Asset Sale Update

RNS Number : 6994E

Infrastructure India plc

31 October 2022

 

31 October 2022

Infrastructure India plc

("IIP" or the "Company" or, together with its subsidiaries, the "Group")

Further asset sale update

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that the purchaser of Indian Energy Limited ("IEL"), AVSR Constructions, has continued to experience administrative delays in finalising the transaction.

Further to the Company's announcements of 15 July 2022, 12 September 2022 and 30 September 2022, the Group now expects proceeds from the sale of IEL to be received during November 2022. However, the Board has expressed concern to AVSR over the continued delays and that progress must soon be made. The Company's creditors remain supportive, and it is expected the consideration due to the Company from the sale of IEL will be partially utilised towards settlement of such creditors. As previously announced, the Board remains in discussions with third parties regarding the sale of assets, including Distribution Logistics Infrastructure Limited, and further announcements will be made as and when appropriate.

- Ends -

Enquiries:

Infrastructure India plc Sonny Lulla	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser James Spinney / James Dance	[phone]
Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Safia Colebrook	[phone]

 

END

 

 

UPDZZMFGNMRGZZG