Released: 17/08/2009
com:20090817:RnsQ5000X
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RNS Number : 5000X
Infrastructure India plc
17 August 2009
Date: 17 August 2009
On behalf of: Infrastructure India plc ("Infrastructure India" or "the
Company")
Embargoed until: 0700hrs
Infrastructure India plc
Interim Management Statement
Infrastructure India plc ("Infrastructure India" or "the Company"), the
investment company focusing on Indian infrastructure assets, today releases an
Interim Management Statement in accordance with FSA Disclosure and Transparency
Rule 4.3. This statement covers the period from 1 April 2009to16August2009.
The Company has an investment of £13.2 million (Rs 1.1 billion) in Shree
Maheshwar Hydel Power Corporation Limited, which was specifically established to
own and develop a 400MW hydroelectric power project situated in Maheshwar, in
the southwestern region of Madhya Pradesh in India. This project is expected to
be one of the largest privately owned hydroelectric schemes to be commissioned
in India within the next two years. Power generating operations are anticipated
to commence in the first quarter of 2010 and anticipated achievement of full
operations remains in line with expectations at the time of the acquisition.
Infrastructure India also has an investment of £11.3 million (Rs 960m) in a toll
road in Central India, representing a 26% shareholding in the project. The
single 125 km four-lane divided carriageway toll road is part of the local State
Government sponsored road upgrade programme. Construction works are currently
ahead of schedule and tolling operations are anticipated to commence around
April 2010.
Together, these two investments account for approximately £24.5 million of
deployed capital, representing a substantial proportion of the net proceeds
raised at the time of the IPO. The Company had cash balances of £4.3 million as
at 14 August 2009.
The Company is pleased with the progress of its current investments.
Infrastructure India continues to explore and evaluate all appropriate funding
options, as there continues to be a strong, and developing, investment potential
in the Indian infrastructure sector and the Board remains convinced of the
economic case for investing in India.
Further to the announcement on 16 March 2009 relating to the proposed
acquisition of the Company's Investment Advisor, Bloomsbury Asset Management
Advisors, the Directors continue to keep the proposal under review and will
update the Company's shareholders in due course on progress to resolve the
matter.
Despite global economic conditions, the Company and its Investment Advisor
remain of the belief that Indian infrastructure continues to offer stable and
long term growth.The Company remains focused on investing in assets which it
believes have the potential to generate substantial capital growth and income -
particularly in the energy and transport sectors.
Infrastructure India will issue its interim results for the period to 30th
September 2009 in November 2009.
-Ends-
Enquiries:
Infrastructure India plc www.iiplc.com
Rupert Cottrell Via Redleaf Communications
Bloomsbury Asset Management Advisors (BAMA) 07867 906377
Gary Neville
Akur Partners 020 7955 1514
Andrew Dawber / Anthony Richardson
Singer Capital Markets 020 3205 7500
Nicholas How
Redleaf Communications 020 75666700
Emma Kane / Samantha Robbins / Adam Leviton iif@redleafpr.com
This statement aims to provide an indication of material events that have taken
place during the period to the date of publication of this statement. The
contents of this statement reflect the Board's current view. They are subject to
a number of risks and uncertainties and actual outcomes and results could
change. Factors which could cause or contribute to such differences include, but
are not limited to, general economic and market conditions and specific factors
affecting the financial prospects or performance of individual investments
within Infrastructure India's portfolio.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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