Infrastructure India plc Facility Draw Down (2353X)
18 December 2019 - 6:00PM
UK Regulatory
TIDMIIP TIDMTTM
RNS Number : 2353X
Infrastructure India plc
18 December 2019
18 December 2019
Infrastructure India plc
("IIP", the "Company and together with its subsidiaries the
"Group")
Facility Draw Down
Infrastructure India plc, an AIM quoted infrastructure fund
investing directly into assets in India, announces that the Group
has drawn down the final US$30 million (approximately GBP22.8
million) under the financing with IIP Bridge Facility LLC announced
by the Company on 2 April 2019 (the "Facility"). Following the
latest draw down, the Facility of $105 million is now fully drawn
down.
The funds drawn down will be utilised primarily to progress
construction at Distribution Logistics Infrastructure Private
Limited's ("DLI") terminals and to meet ongoing DLI debt service
and operational overheads as well as general working capital for
DLI and the Group.
Works at Nagpur, including a Private Freight Terminal ("PFT")
and additional warehousing should be completed before the calendar
year end. DLI is actively marketing the PFT and DLI expects an
uptick in bulk cargo volumes as these facilities ramp up. Nagpur
has expanded commodity freight with the addition of sugar and
cotton exports during the period and the terminal maintains strong
market share of the export-import market of around 40%.
The terminals at Bangalore and Palwal are both expected to be
completed and to commence initial commercial operations by the end
of the current fiscal year. Completion of the terminal at Chennai,
along with its Free Trade Warehousing Zone, is expected to be later
in 2020, as the team work through the regulatory approvals required
for the facility.
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 Company's portfolio and
one of the largest privately-owned logistics businesses in
India.
Enquiries:
Infrastructure India plc www.iiplc.com
Sonny Lulla Via Novella
Cenkos Securities plc
Nominated Adviser & Joint Broker
Azhic Basirov / Ben Jeynes +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
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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END
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