Infrastructure India under pressure from DLI investment

(ShareCast News) - Infrastructure India announced its unaudited interim results for the six months to 30 September on Thursday, with the value of the company's investments sitting at £330.7m at period end, compared to £334.5m at the start of the period and £331.6m at the same time last year.The firm's net asset value remained relatively stable at £325.6m as at 30 September, compared to £325.8m at the start of the period.Net asset value per share was 48p - precisely in line with both the start of the period and the end of the first half last year."Significant strengthening of the Indian rupee against sterling and a decrease in the yield of the Indian 10-year bond, which serves as the risk-free rate in asset valuations, had a positive impact on net asset value," its board said in a statement."This was however offset by market conditions as well as delays in funding due to bank debt restructuring for Distribution Logistics Infrastructure."Since period end, DLI completed the restructuring of its bank debt, during October."The new flexible scheme allows for longer repayment periods, a reduced interest rate in the initial years and an enhanced working capital facility, which will be used to support DLI's ramp-up plans."Following that in November, the Government of India demonetised and officially withdrew certain high value currency denomination notes from circulation."This had an impact on operations at DLI, as the limited availability of cash has restricted transactions across the sector and dramatically decelerated cargo movements."