By David Blackwell
Published: March 5 2011 01:39 | Last updated: March 5 2011 01:39
When Infrastructure India moved from the full list to Aim last year it had a market capitalisation of £30m ($48.8m) and an interest in two projects – a hydroelectric scheme in Madhya Pradesh and a toll road in central India. This week it completed a transformational reverse takeover that has seen its market capitalisation leap to £120m.
It has a 50 per cent interest in eight more hydroelectric projects and a 38 per cent interest in a fast-growing container processing operation. The company also has more than £30m of cash after a placing at 60½p a share.
The latest projects were bought from Guggenheim Global Infrastructure Company (GGIC), a subsidiary of a US investment company, which now has a 45 per cent stake. The revamped board, which includes directors from GGIC, believes the placing and acquisitions will “materially augment the company’s presence and profile in India”.
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