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Infrastructure India no longer selling Distribution Logistics

Thu, 15th Feb 2024 17:15

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

Infrastructure India is an infrastructure fund investing directly into assets in India.

In September, the company said it will sell Distribution Logistics Infrastructure Private to Pristine Malwa Logistics Park Private Ltd.

On Thursday, Infrastructure India said: "Some key areas of the conditional share purchase and shareholders' agreement were subject to final agreement, which could not be reached in a manner satisfactory to the IIP Board, in the best interests of IIP shareholders, and potentially materially undervalued DLI in the board's view."

Based on this, the company said it will not sell it.

"The company is actively exploring alternatives and will provide an update to shareholders, as appropriate, in due course," Infrastructure India added.

Its shares closed flat at 0.56 pence each in London on Thursday.

By Sophie Rose, Alliance News senior reporter

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