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Infrastructure India Investee Has Contract Terminated In Madya Pradesh

Tue, 28th Apr 2020 07:02

(Alliance News) - Infrastructure India PLC said Monday its investee, Shree Maheshwar Hydel Power Corp, has been issued a termination order from the Madya Pradesh government in India for its hydropower project.

SMH received a termination order for its "historic" power purchase agreement and resettlement & rehabilitation agreement from MP Power Management Co, which is owned by the Madya Pradesh government.

The PPA was signed in 1994 and amended in 1996 and the R&R agreement was signed in 1997.

Towards the end of 2019, Shree Maheshwar Hydel was placed under the control of a different management company following a deal struck by Infrastructure India with the project lenders.

"There continues to be little visibility around the progress of completion financing and IIP maintains a cautious outlook," the Indian infrastructure fund said.

Infrastructure India's interest in SMH held a GBP6.1 million value at September 30, representing about 2.4% of the fund's portfolio.

By Paul McGowan; paulmcgowan@alliancenews.com

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IN BRIEF: Infrastructure India to extend maturity of debt facilities

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Infrastructure India no longer selling Distribution Logistics

(Alliance News) - Infrastructure India PLC on Thursday said it will no longer be selling Distribution Logistics Infrastructure Private Ltd.

15 Jan 2024 18:39

IN BRIEF: Infrastructure India extends debt facility maturity dates

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Agrees extension to the maturity dates of all its debt facilities, being the term loan provided by IIP Bridge Facility LLC, the working capital loan provided by GGIC Ltd and the bridging loan provided by Cedar Valley Financial. All three have been extended to February 29.

19 Dec 2023 14:39

IN BRIEF: Infrastructure India says disposals nearing completion

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Says it expects to release 2023 results in the first quarter of 2024. Will be able to publish interim results immediately afterwards. Also expects to convene an annual general meeting in the first quarter. Says results delay is due to delays in the disposal of Distribution Logistics Infrastructure Private Ltd. Says this transaction allows it to remain invested in the Indian logistics sector and is expected to realise enhanced value for shareholders at the time of exit, most likely within 24 to 36 months from closing. Says both Distribution Logistics and buyer Pristine Malwa Logistics Park Private Ltd are "working diligently towards completion", with "certain complex issues" now "nearing resolution". Currently expects to complete sale by January 15. Adds that planned sale of Indian Energy Ltd to FA Power Renewables Private Ltd, closing of which was delayed due to "regulatory matters", is now close to finalisation.

15 Dec 2023 22:03

IN BRIEF: Infrastructure India agrees loan maturity extensions

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Says it has agreed to an extension of the maturity dates for all of its debt facilities, which are currently provided by GGIC Ltd, IIP Bridge Facility LLC and Cedar Valley Financial. Notes its term loan provided by IIP, worth USD119 million, will be extended to January 15. Says it unsecured working capital loan and unsecured bridging loan have also been extended to January 15.

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IN BRIEF: Infrastructure India shares temporarily suspended

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Trading on AIM temporarily suspended from October 2, pending publication of the company's annual audited accounts.

25 Sep 2023 17:37

IN BRIEF: Infrastructure India's annual report release to be delayed

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Says it will not be in a position to publish the 2023 annual report by September 30, as required by AIM. Explains this relates to the sale, announced on September 6, of its interest in Distribution Logistics Infrastructure Private Ltd. Points out certain disclosures in the annual report in relation to the valuation of its interest in DLI are unable to be published due to Securities and Exchange Board of India restrictions. Therefore, trading in shares will be suspended from October 2. Expects to be in a position to complete the audit and to report its 2023 annual report prior to the end of 2023.

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IN BRIEF: Infrastructure India agrees USD10 million equity asset sale

Infrastructure India PLC - infrastructure fund investing directly into assets in India - Agrees conditional USD10 million sale of its 99.99% interest in Distribution Logistics Infrastructure Ltd and its subsidiaries to Pristine Malwa Logistics Park Private Ltd, a wholly-owned subsidiary of Pristine Logistics & Infraprojects Ltd. Consideration also includes up to 33% of Pristine Malwa's issued share capital. The Pristine Group provides end-to-end multi cargo logistics solutions, and services including port handling, road and rail transport, warehousing, shipping, stevedoring, customs handling, and integrated logistics in India and Nepal.

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