REG - Infrastructure India Infrastructure Ind W - SMH Update

Infrastructure IndiaAnnouncement

27/04/2020 15:55

RNS Number : 0189L
  
Infrastructure India plc
  
27 April 2020
  
 

27 April 2020
 
 
Infrastructure India plc
("IIP", the "Company and together with its subsidiaries the "Group")
 
Update re 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 a termination order with regard to the historically entered Power Purchase Agreement ("PPA") and Resettlement & Rehabilitation Agreement ("R&R Agreement") from M.P. Power Management Company Limited, a company owned by the Government of Madya Pradesh, in respect of SMH's hydropower project (the "Project").
 
IIP has been notified of the termination orders received by SMH and is currently evaluating the implications of the termination orders on the Project. The PPA was signed in 1994 and amended in 1996 and the R&R Agreement was signed in 1997. 
 
As announced in December 2019, SMH is currently under the management control of the promoter, following entry into an MOU with the Project lenders in 2019. There continues to be little visibility around the progress of completion financing and IIP maintains a cautious outlook. The Group's interest in SMH had an unaudited carried value of £6.1 million as at 30 September 2019, representing 2.4% of the Group's portfolio at that date.
 
The Board will provide further updates, as appropriate, in due course.
 
Enquiries:




 
Infrastructure India plc       
Sonny Lulla 
 


 
www.iiplc.com 
Via Novella




 


 




 


 




Cenkos Securities plc
Nominated Adviser & Joint Broker 
Ben Jeynes / Katy Birkin


+44 (0) 20 7397 8900




 


 




 


 




Nplus1 Singer Advisory LLP 
Joint Broker 
James Maxwell - Corporate Finance
James Waterlow - Investment Fund Sales
 
 


+44 (0) 20 7496 3000




Novella


+44 (0) 20 3151 7008




Financial PR


 




Tim Robertson / Fergus Young


 




 
 
 


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