Portfolio Update

RNS Number : 3935C

Infrastructure India plc

17 March 2014

 



17 March 2014

Infrastructure India plc

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

Portfolio update

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India provides the following portfolio update prior to the end of its financial year on 31 March 2014.

Transport

During the first quarter of 2014 Vikram Logistic and Maritime Services Private Limited ("VLMS") has continued to experience delays in the disbursement of already approved debt from public sector banks. In addition, existing project loans are now in scheduled amortisation periods, despite the projects not having been completed. This has resulted in additional pressure being placed on VLMS' liquidity and working capital position - further delaying progress at its four large terminals. The lack of timely provision of access by VLMS' lenders to previously sanctioned debt funding has prevented commencement of operations at its Nagpur terminal. The Board and the VLMS management team are actively exploring alternative means of funding for VLMS. The Company will provide a further update in due course.

Western MP Infrastructure and Toll Roads Private Limited is performing as expected. Toll revenue data demonstrate continued traffic growth, maintaining the performance trend identified in the interim results for the period ended 30 September 2013.

Energy

Indian Energy Limited and India Hydropower Development Company LLC are performing in line with expectations. The monsoon period, which determines a considerable proportion of production at IIP's wind and hydro assets, generally starts at the end of the second calendar quarter.

The Government of India continues to guide discussions among stakeholders of Shree Maheshwar Hydel Power Corporation Limited. In February 2014, the project was entrusted to a special task force of the high-powered National Manufacturing Competitive Council, which has been mandated to resolve issues for projects of national importance. While the Board believes a satisfactory outcome will be achieved, it is currently unable to estimate when the ongoing discussions will yield results.

-Ends-

Enquiries:

Infrastructure India plc	via Instinctif Partners
Sonny Lulla
Smith & Williamson Corporate Finance Limited	[phone]
Nominated Adviser & Joint Broker
Azhic Basirov / Siobhan Sergeant / Ben Jeynes
Nplus1 Singer Advisory LLP	[phone]
Joint Broker
Gillian Martin - Corporate Finance James Waterlow - Investment Fund Sales
Peat & Co.	[phone]
Joint Broker
Charlie Peat / John Beaumont
Instinctif Partners (formerly College Hill)	[phone]
Financial Public Relations
Toby Bates / Tom Drummond

 

END

 

 

PFUBLGDXDXBBGSS