Current Portfolio

First Investment – Hydroelectric Power Project in Madhya Pradesh

The Group has invested Rs1.1 billion (approximately £13 million) in Shree Maheshwar Hydel Power Corporation Limited (SMHPCL), a company established to solely own and develop a 400MW hydroelectric power project situated in the south western region of Madhya Pradesh in India.

The Shree Maheshwar Project is part of the Narmada Valley Development Project which comprises the construction of 29 large and 135 medium-sized hydroelectric projects in the Narmada Valley. The Shree Maheshwar Project is a 400MW (10 turbines of 40MW each) run-of-the-river project. It is now approaching the final stages of construction and SMHPCL’s management expects that the first turbine will commence operations by June 2009. The estimated project cost is approximately Rs.26.7 billion (approximately £324 million).

The project is expected to be one of the largest privately owned hydroelectric projects to be commissioned in India within the next two years.

Infrastructure India has an option to increase its shareholding in this project.

Second Investment - 125km Toll Road in Central India

The Group has invested Rs.960 million (approximately £11 million) for a 26% shareholding in a toll road in Central India. This project is part of the local State Government sponsored road upgrade programme. It is a single 125km four-lane divided carriageway toll road that is currently five months into construction, with tolling operations anticipated to commence in late March/April 2010.

The Company's principal partner for the acquisition is a subsidiary of the Essel Group, a leading Indian entity with group turnover of approximately US$ 2.1 billion in 2007 and activities spanning infrastructure, media, packaging, entertainment, technology and education.