15 February 2024
Infrastructure India plc
("IIP" or the "Company" and, together with its subsidiaries, the "Group")
DLI Transaction Update
Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that it will not be proceeding with the conditional sale of the Group's interest in 99.99% of Distribution Logistics Infrastructure Private Limited ("DLI") to Pristine Malwa Logistics Park Private Limited ("Pristine Malwa"), announced on 6 September 2023.
Some key areas of the conditional share purchase and shareholders' agreement were subject to final agreement, which could not be reached in a manner satisfactory to the IIP Board, in the best interests of IIP shareholders, and potentially materially undervalued DLI in the Board's view. Consequently, Distribution Logistics Infrastructure Limited (Mauritius), IIP's wholly-owned subsidiary, has issued a termination notice to Pristine Malwa. Neither Pristine Malwa nor DLI had fulfilled all conditions precedent and the long stop date has expired without a mutually agreed extension.
DLI is a supply chain transportation and container infrastructure company headquartered in Bangalore and Gurgaon with a material presence in central, northern and southern India. DLI provides a broad range of logistics services including rail freight, trucking, handling, customs clearing and bonded warehousing with terminals located in the strategic locations of Nagpur, Bangalore, Palwal in the National Capital Region and Chennai. DLI is the largest asset in the Group's portfolio. DLI was valued at £176.2 million in IIP's unaudited interim results for the period ended 30 September 2022, representing 88% of the Group's portfolio at that date.
The Company is actively exploring alternatives and will provide an update to shareholders, as appropriate, in due course.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
- Ends -
Enquiries:
|
Infrastructure India plc Sonny Lulla
|
Via Novella |
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| Strand Hanson Limited Nominated Adviser Richard Johnson / 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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