Infrastructure India sacks investment adviser

Infrastructure India has given its investment adviser Bloomsbury Asset Management Advisers notice. The investment company specialising in Indian infrastructure assets says that Bloomsbury has not nominated any employees to take over from the employees that resigned in October 2009. Infrastructure India does not intend to replace Bloomsbury. Asset adviser Akur Partners will assist the company in carrying out Bloomsbury's role. Isle of Man-incorporated Infrastructure India raised £36.7m at 100p a share when it joined the Main Market in June 2008. The company has invested £24.5m in two projects. The net asset value was £34.5m at the end of September 2009. No more shares have been issued but they are trading at 54.5p each. That is more than double their low but it is still well below net asset value. Advance UK Trust requisitioned an EGM, which was held earlier this month. The trust wanted to remove Rupert Cottrell, Prodaman Sarwal and Timothy Walker from the board and replace them with John Bourbon and Geoffrey Miller. The resolutions were overwhelmingly defeated.