Infrastructure Subsidiary of India agrees to restructure loan

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Anthony O. Goryainov

Infrastructure India PLC announced on Tuesday that its subsidiary Distribution Logistics Infrastructure Ltd. agreed to renegotiate terms with banks on total loans of £ 71.5 million ($ 99.3 million), giving it the flexibility to respond to the effects of the pandemic.

An infrastructure investor registered in the UK and focused on India said the agreement would defer interest payments until April 2022 and principal payments until November 2022. He added that the interest rate will be reduced to a range of 9.45% to 10% of the previous rate. more than 12%.

Under the new terms, the final maturity has been moved to 2033 from the previous date of 2030.

The company said that DLI’s working capital line of around £ 2 million over a six-month period now has an interest rate of 10.45%, up from more than 11% previously.

“The improved borrowing terms available to DLI under the Agreement will provide DLI with additional flexibility in responding to the Covid-19 pandemic and its unprecedented and ongoing impact on the socioeconomic landscape in India,” it said.

Shares were unchanged at 1.35p at 07.20 GMT.

Email Anthony O. Goryainov at anthony.orunagoriainoff@dowjones.com

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