Infrastructure India plc Termination of IEL Sale

RNS Number : 9582P

Infrastructure India plc

28 May 2024

 

28 May 2024

 

Infrastructure India plc

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

 

Termination of the Sale of Indian Energy Limited

 

Infrastructure India plc, an AIM quoted infrastructure fund investing directly into assets in India, announces that on 27 May 2024, it terminated the conditional agreement ("SPA") for the disposal of Indian Energy (Mauritius) Limited ("IEL") to FA Power Renewables Private Limited ("FA Power"), announced on 4 April 2023 and in subsequent updates, due to breach of contract by FA Power.

 

FA Power has breached the SPA by failing to pay the full consideration for IEL. IIP has, in good faith, endeavoured to close the transaction at FA Power's request, as long as the original terms of the SPA were met or protected. This has not been achieved.

 

IEL is an independent power producer that owns and operates wind farms at two sites in the states of Karnataka and Tamil Nadu, with 41.3MW of installed capacity. IEL is in discussions with other buyers and the Company will make an announcement, as appropriate, in due course.

 

IEL was valued at USD 4.3 million in IIP's unaudited interim results for the period ended 30 September 2023.

 

 

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	www.iiplc.com Via Novella
Strand Hanson Limited Nominated Adviser Richard Johnson / James Dance	[phone]
Singer Capital Markets Broker James Maxwell - Corporate Finance James Waterlow - Investment Fund Sales	[phone]
Novella Financial PR Tim Robertson / Safia Colebrook	[phone]

 

 

 

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