Facility Draw Down

RNS Number : 2353X

Infrastructure India plc

18 December 2019

 

18 December 2019

Infrastructure India plc

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

Facility Draw Down

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that the Group has drawn down the final US$30 million (approximately £22.8 million) under the financing with IIP Bridge Facility LLC announced by the Company on 2 April 2019 (the "Facility"). Following the latest draw down, the Facility of $105 million is now fully drawn down.

The funds drawn down will be utilised primarily to progress construction at Distribution Logistics Infrastructure Private Limited's ("DLI") terminals and to meet ongoing DLI debt service and operational overheads as well as general working capital for DLI and the Group.

Works at Nagpur, including a Private Freight Terminal ("PFT") and additional warehousing should be completed before the calendar year end. DLI is actively marketing the PFT and DLI expects an uptick in bulk cargo volumes as these facilities ramp up. Nagpur has expanded commodity freight with the addition of sugar and cotton exports during the period and the terminal maintains strong market share of the export-import market of around 40%.

The terminals at Bangalore and Palwal are both expected to be completed and to commence initial commercial operations by the end of the current fiscal year. Completion of the terminal at Chennai, along with its Free Trade Warehousing Zone, is expected to be later in 2020, as the team work through the regulatory approvals required for the facility.

DLI is a supply chain transportation and container infrastructure company headquartered in Bangalore and Gurgaon with a material presence in central, northern and southern India. DLI provides a broad range of logistics services including rail freight, trucking, handling, customs clearing and bonded warehousing with terminals located in the strategic locations of Nagpur, Bangalore, Palwal (in the National Capital Region) and Chennai. DLI is the largest asset in the Company's portfolio and one of the largest privately-owned logistics businesses in India.

Enquiries:

Infrastructure India plc        Sonny Lulla	www.iiplc.com Via Novella
Cenkos Securities plc Nominated Adviser & Joint Broker Azhic Basirov / Ben Jeynes	[phone]
Nplus1 Singer Advisory LLP Joint Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella	[phone]
Financial PR
Tim Robertson / Fergus Young

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

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