Update on Investments and Net

RNS Number : 3697P

Infrastructure India plc

15 July 2010

 



Date:	15 July 2010
On behalf of:	Infrastructure India plc
Embargoed until:	0700hrs

Infrastructure India plc

Update on Investments and Net Asset Value

Introduction

The Board of Infrastructure India plc ("Infrastructure India" or the "Company"), the investment company focussed on Indian infrastructure assets, is pleased to announce an update on its investments, as well as the unaudited net asset value per share for the financial year ended 31 March 2010.

The Company's Investments

On 9 March 2010, the Company provided shareholders with the latest update on its investments.  The Company commented that the investment in Shree Maheshwar Hydel Power Corporation Limited, the 400MW hydroelectric power project, was at an advanced stage of construction and that the investment in Western Madhya Pradesh Infrastructure & Toll Roads Private Ltd., the toll road in Central India, had progressed well and tolling had commenced ahead of schedule on approximately 67 km of the road.

Since this update, the Directors continue to be pleased with the overall development of the investments and remain fully focussed on the achievement of practical completion of both projects.

In particular, in respect of the toll road, the Directors are pleased to report that the project is reaching its final stages of development and tolling is now anticipated to commence on the entire 125 km of the four lane road around September 2010, when the second toll plaza will begin operation.  The Directors believe this will in turn continue to enhance the value of the Company's investment going forward.  The Company has maintained its 26 per cent. shareholding in the toll road investment, in accordance with the wishes of the Company's shareholders, by making a further contribution of approximately £360,000 in respect of the marginal cost overrun previously reported. 

Unaudited Net Asset Value per Share

In order to quantify the positive developments of the Company's investments, the Directors are pleased to announce the Company's unaudited net asset value ("NAV") per ordinary share of approximately £1.09 as at 31 March 2010 (audited as at 31 March 2009: £0.97)  This is based on the Directors' present expectation on the value of the Company's investments and is subject to any unforeseen changes in circumstances.

The Directors believe that this expectation demonstrates a clear appreciation from the previously reported NAV and reflects the continued positive progress being made towards practical completion of the projects in which the Company has invested.

-ENDS-

Enquiries:

Infrastructure India plc	www.iiplc.com
Rupert Cottrell	Via Redleaf Communications
Akur Partners LLP	020 7203 8374
Andrew Dawber / Anthony Richardson / Tom Frost
Smith & Williamson	020 7131 4000
Azhic Basirov / Siobhan Sergeant
Singer Capital Markets Limited	020 3205 7500
James Maxwell / Richard Savage
Redleaf Communications	020 7566 6727
Emma Kane / Henry Columbine	[e-mail]

 

END

 

 

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