Infrastructure India plc – preliminary results

Infrastructure India plc, an investment company focused on Indian infrastructure assets, is pleased to announce its preliminary results for the year ended 31 March 2011.

Operational Highlights

• Moved from the Official List to AIM, a market better suited to facilitate the growth and control costs
• Guggenheim Global Infrastructure Company Limited (“GGIC”) Indian infrastructure assets merged into the IIP Group
• Guggenheim Franklin Park Management, LLC, a subsidiary of GGIC, appointed as Asset Manager
• IIP’s existing assets performed well with an overall increase in value of approximately 27%

Financial Highlights

• Completed a substantial fundraising in February, with gross proceeds of £33.0 million
• NAV increased by 244% to £138.0 million (2010: £40.1 million)
• NAV per share decreased by 16% to 92 pence (2010: 109 pence) due to the dilutive effect of placings

Post period events

• In a separate announcement today, IIP has announced its intention to acquire Indian Energy Limited, an AIM listed developer and operator of wind to energy projects in India, by way of a scheme of arrangement

Commenting on the results, Tom Tribone, Chairman of IIP, said:
“It has been a year of change and transformation for IIP.  To be successful, IIP needed greater scale and a diversified portfolio.  The addition of GGIC’s Indian infrastructure assets, which include a number of small hydroelectric projects and a substantial minority interest in a logistics and port facility, gives the IIP Group greater scale and diversification of assets with access to the infrastructure and management expertise of GGIC.  This provides a stronger base from which to grow the IIP Group through the raising of additional capital and investment in a pipeline of infrastructure investments.

Commenting on the outlook, Sonny Lulla, Chief Executive of IIP, said:
“IIP is financially strong having completed a substantial placing and through the acquisition of GGIC’s Indian infrastructure assets.  IIP will look to deploy available capital as soon as possible subject to the availability of suitable investments.  With value to be achieved for investors in infrastructure projects, generally, and given the growth dynamics of India, in particular, early deployment of capital should produce further improvements in IIP’s NAV during the current financial year.”