Infrastructure India plc Update on Portfolio Company SMH (3788C)

TIDMIIP TIDMTTM

RNS Number : 3788C

Infrastructure India plc

10 October 2022

Infrastructure India plc

("IIP", the "Company and together with its subsidiaries the "Group")

Update regarding Shree Maheshwar Hydel Power Corporation Limited

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that Shree Maheshwar Hydel Power Corporation Limited ("SMH"), an IIP portfolio company, has received notice from the National Company Law Tribunal ("NCLT") that a representative has been appointed to oversee a Corporate Insolvency Resolution Process, under the Insolvency and Bankruptcy Code 2016.

The representative, an Interim Resolution Professional ("IRP"), has been granted control of SMH and custody of its assets. The process aims to develop a long-term plan for the business, or, if this is not achievable, to undertake an orderly dissolution.

For the past two years, IIP has assumed zero contribution from SMH to its portfolio value, as announced on 23 October 2020. Without a valid Power Purchase Agreement for SMH and no visibility around potential completion, it was impossible to prepare reasonable forecasts.

As previously announced, the Board remains in discussions with third parties regarding the sale of assets, including DLI, and further announcements will be made as and when appropriate.

The Board of IIP currently expects to provide guidance on net asset value per ordinary share as at 31 March 2022 and notice of the date of publication of its annual audited accounts during the course of November. Liquidity constraints and the increase in the Group's net debt position are anticipated to negatively impact the portfolio's net asset value for this reporting period.

The Board will provide further updates, as appropriate, in due course.

Enquiries:

 
 
         Infrastructure India plc                         www.iiplc.com 
         Sonny Lulla                                      Via Novella 
 
       Strand Hanson Limited 
        Nominated Adviser 
        James Spinney / James Dance                     +44 (0) 20 7409 3494 
       Singer Capital Markets 
        Broker 
        James Maxwell - Corporate Finance 
        James Waterlow - Investment Fund Sales          +44 (0) 20 7496 3000 
       Novella 
        Financial PR 
        Tim Robertson / Safia Colebrook                 +44 (0) 20 3151 7008

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October 10, 2022 09:45 ET (13:45 GMT)

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