Last checked at 17 Feb 2009 07:00
Date: 17 February 2009
On behalf of: Infrastructure India plc ("Infrastructure India" or "the Company")
Embargoed until: 0700hrs
Infrastructure India plc
Interim Management Statement
Infrastructure India plc ("Infrastructure India" or "the Company"), the investment company focusing on Indian infrastructure assets, today releases an Interim Management Statement in accordance with FSA Disclosure and Transparency Rule 4.3. This statement covers the period from 1 October 2008 to 16 February 2009.
The Company has an investment of £13.5 million (Rs 1.1 billion) in Shree Maheshwar Hydel Power Corporation Limited, which was specifically established to own and develop a 400MW hydroelectric power project situated in Maheshwar, in the southwestern region of Madhya Pradesh in India. This project is expected to be one of the largest privately owned hydroelectric schemes to be commissioned in India within the next two years. Power generating operations are anticipated to commence in the third quarter of 2009, in line with expectations at the time of the acquisition.
Infrastructure India also has an investment of £11.3 million (Rs 960m) in a toll road in Central India, representing a 26% shareholding in the project. The single 125 km four-lane divided carriageway toll road is part of the local State Government sponsored road upgrade programme. Tolling operations are anticipated to commence around April 2010.
Together, these two investments account for approximately £24.8 million of deployed capital, representing a substantial proportion of the net proceeds raised at the time of the IPO. The Company had cash balances of £6.1 million as at 16 February 2009.
The Company is pleased with the progress of its current investments. Infrastructure India continues to explore and evaluate all appropriate funding options, as there continues to be a strong, and developing, investment pipeline and the Board remains convinced of the economic case for investing in India.
Infrastructure India will issue its full-year results for the period to 31 March 2009 in July 2009.
-Ends-
Enquiries:
| Infrastructure India plc | www.iiplc.com |
| Rupert Cottrell | Via Redleaf Communications |
| Bloomsbury Asset Management Advisors (BAMA) | 07867 906377 |
| Gary Neville | |
| Akur Partners | 020 7955 1514 |
| Andrew Dawber / Tom Frost | |
| Singer Capital Markets | 020 3205 7500 |
| Brad Cheng / Nicholas How | |
| Redleaf Communications | 020 7566 6700 |
| Emma Kane / Samantha Robbins / Adam Leviton | iif@redleafpr.com |
This statement aims to provide an indication of material events that have taken place during the period to the date of publication of this statement. The contents of this statement reflect the Board's current view. They are subject to a number of risks and uncertainties and actual outcomes and results could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within Infrastructure India's portfolio.