By Joe Hoppe
Infrastructure India PLC said Tuesday that it now expects proceeds from the sale of wholly owned subsidiary Indian Energy Ltd. to be received in December following purchaser requests for extra time, though it has opened dialog with other potential parties.
The U.K.-listed, India-focused infrastructure investor said purchaser AVSR Constructions has asked for extra time to complete the transaction, though Infrastructure India’s management has expressed concern over the continued delays and has opened dialog with other interested parties.
Infrastructure India had said in late September that AVSR continues to experience administrative delays, and expects proceeds in October. It had previously extended the long-stop date in July and April, having agreed to the sale for $7.3 million in February.
The company said its creditors remain supportive, and expects the consideration from the sale will be partially used toward the settlement of them.
“As previously announced, the board remains in discussions with third parties regarding the sale of further assets, including Distribution Logistics Infrastructure Ltd., and further announcements will be made as and when appropriate,” the company said.
Write to Joe Hoppe at joseph.hoppe@wsj.com