IIP.L Share News (IIP)

(Sharecast News) - Infrastructure India has drawn down a further $20m (£16m) under its financing with IIP Bridge Facility, it announced on Wednesday.The AIM-traded firm said the funds drawn down would primarily be utilised to progress construction at the Distribution Logistics Infrastructure (DLI) Anekal and Palwal terminals, and to meet ongoing DLI debt service and operational overheads.It said the terminal at Nagpur had seen construction of the station yard ramp up, with initial design and related engineering underway at Chennai.Following the latest draw down, the facility was now $55m drawn, with a further $50m still conditionally available to the group to enable DLI - its wholly-owned subsidiary - to complete, commission and ramp up all of its existing terminal facilities through to completion, as well as to meet other DLI lender requirements and provide additional working capital for both DLI and the group."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," the board explained in its statement."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 and Chennai."DLI is the largest asset in the company's portfolio and one of the largest privately-owned logistics businesses in India."