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LONDON (Alliance News) - Infrastructure India PLC Monday said the liquidity and working capital position of its subsidiary Vikram Logistic and Maritime Services Private Limited is under pressure, as it continues to experience delays in the disbursement of already-approved debt from public sector banks.
The company, which invests directly into assets in India, said existing project loans for Vikram are now in scheduled amortisation periods, despite the projects not having been completed.
AIM-listed Infrastructure India said development of four large terminals, including Nagpur terminal in Maharashtra, India, have been delayed further.
Infrastructure India said it is working with the Vikram management team to explore alternative means of funding for the transport-management services company.
On the other hand, the company said its other transport business Western MP Infrastructure and Toll Roads Private Limited is performing as expected, with toll revenue data demonstrating continued traffic growth.
Indian Energy Limited and India Hydropower Development Company LCC, the company's energy business, also are performing in line with expectations, it said.
In addition, Infrastructure India said the Indian government continues to guide discussions among stakeholders of Shree Mashehwar Hydel Power Corporation Ltd which has had problems financing a 400 megawatt hydroelectric power project situated in the south western region of Madhya Pradesh in India.
Infrastructure India has invested around GBP13 million in Shree Maheshwar Hydel Power Corporation Ltd.
In February, the power 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," Infrastructure India said.
The stock is untraded Monday. It last traded last week at 14.00 pence.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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