EREDENE CAPITAL PLC

Buy Eredene at 20.5p Argues Tom Winnifrith of t1ps.com

T1ps.com, 31 August 2009
AIM-listed, Indian infrastructure investment company Eredene Capital has shown resilience in weathering the economic storm...
And despite global conditions, the Indian economy continues to grow and is expected to continue to do so strongly going forward…
Trading at a discount to a currently depressed NAV, now is the time to buy in anticipation of recovery...
With fund management possibilities adding additional lustre, Eredene Capital is a ‘long-term buy’ at 20.5p and at up to 25p

Market Report; Traders Talk up BT’s prospects

Daily Mail, 11 August 2009
Eredene Capital, the Indian investor in infrastructure projects, edged up ½p to 21p following a £7m placing of 35.5m shares at 20p a share. Cash raised will be used to seed a private development fund to be managed by the company to invest in projects in India.

Small caps round-up: Zirax, Sabien Technology, Eredene Capital...

Sharecast, 10 August 2009
Eredene Capital, the AIM quoted investor in Indian infrastructure developments, has conditionally raised about £7.1m by way of a placing. The group said the proceeds will be used to seed a private development fund to be managed by Eredene to invest in new infrastructure projects in India.

Eredene Capital; BUY

Shares, 30 July 2009
Eredene is one of the best ways for UK investors to play Indian growth. It invests in infrastructure projects which distinguishes it from many of the UK funds… and which makes it sensitive to the development of distribution in India rather than just property values. India has a chronic shortage of the warehouses, distribution hubs and port facilitates Eredene provides.

London’s AIM rollercoaster

Property Week Global, 1 July 2009
Share prices from overseas property funds on the London Stock Exchange , most of which are AIM listed, have varied wildly this year…average price movement has been up 19.6% this year…but this masks a divergence between Indian investors (Eredene Capital up 157%) and some of the Eastern European companies.

DJ Eredene Capital 15 Mo Pretax Loss

Dow Jones, 30 June 2009
LONDON (Dow Jones)--Eredene Capital PLC (ERE.LN), the investor in Indian infrastructure developments, said Tuesday that for the fifteen month period to Mar. 31, pretax loss stood at GBP6.40 million.

Indian infra fund sees greenfield projects bear fruit

Infrastructure Journal, 30 June 2009
Indian infrastructure investor Eredene Capital has released its latest set of results - and claims its first dividend-paying project proves greenfield project investment in the country need not be a slow process

Hot returns from Indian stocks

Shares, 25 June 2009
The most recent net asset value was 23.5p a share against a current price of 17p and the 30% looks too big

Investing in Indian Infrastructure – a fast-track business for Eredene Capital PLC

AIMzine, 9 June 2009
A number of funds have been set up in recent years to offer UK investors access to this rapidly growing market. One such fund is Eredene Capital PLC. After floating on AIM in February 2005, the Company now has now earned a market-leading reputation investing in infrastructure projects in India, primarily in logistics, distribution warehouses and port services

Aim's £9bn property black hole

Investors Chronicle, 6 April 2009
Another company that's a bit different is Eredene Capital, originally set up as an Indian office developer, which now boasts investments in various Indian infrastructure projects. It has an impressive shareholder register and a net cash position

Still going strong

International Construction, 9 March 2009
The Tanaji Malusare City project in eastern Mumbai is a scheme partly funded by the UK’s Eredene Capital to provide up to 1850000 low cost homes over the next ten years

Eredene’s Indian ports of call (The Griller: Big interviews with the people who count)

Shares, 15 January 2009
The recent rally in the share price has taken away the chance of much short-term upside, but as a point of entry into the Indian growth story Eredene Capital looks very well placed. Rating: HOLD

Rebuilding India’s reputation

Investors Chronicle, 12 December 2008
Eredene Capital has invested £51m in Indian ports, logistics and distribution warehouses…in the process of raising £200m fund. Eredene Capital trades 42 per cent below NAV, and its focus leads us to rate its shares good value at 14p.

Rumour of the day

The Times, 09 December 2008
Eredene Capital soared 2 ¼ to 13 ½ pence per share after talk that management at the India-focused infrastructure investor was buying up shares.

Mefro stake puts life in Titan

Financial Times, 04 December 2008
Indian infrastructure group, Eredene Capital, closed 5.1 per cent higher at 10 ¼ p after interim results.

Writedown of GBP1.5M on Investment Portfolio

Dow Jones, 03 December 2008
Eredene Capital PLC posted a reduce loss on Wednesday and said that it is “confident that its strategy of investing in Indian infrastructure will give sustainable growth in the future.

Eredene sails into southern Indian freight terminal

Property Week, 07 November 2008
Eredene Capital is hoping to cash in on increased freight traffic at the southern Indian port of Ennore with an investment in a nearby rail-freight terminal.

UK firm to invest $5m in freight station near Ennore port

The Hindu Business Line, 02 November 2008
Eredene Capital will invest £5 million in a new Container Freight Station close to the Ennore Port.

Eredene Capital Invests in Indian Container Freight Station

Dow Jones, 30 October 2008
Eredene Capital, an investor in Indian infrastructure developments announced that, through its wholly owned subsidiary, it has invested in a new Container Freight Station (CFS) close to the rapidly expanding Indian port of Ennore in the Southern State of Tamil Nadu…the Group’s ninth investment in India and third CFS…Eredene has committed up to GBP5million for an initial 85% equity stake.

Eredene Capital to set up ICD in Gujarat

Containerisation International, 01 October 2008
UK investment company, Eredene Capital, is planning to set up a much needed inland container depot (ICD) in the Indian state of Gujarat. It will work with a local partner in the project… Alastair King, founder and CEO of Eredene, told CI: “The ICD will be developed on the main freight corridor linking eastern Gujarat and Mumbai with Delhi.”

Ennore Port tender delayed

Project Finance, 01 September 2008
The tender for the Rs13 billion ($300 million) Ennore Port terminal project in India has been delayed by a legal challenge to the shortlisting procedure…The six successfully shortlisted bidders [includes] Eredene Capital.

Eredene appoints two special advisors

Financial Chronicle, 28 August 2008
Eredene Capital Plc the AIM-listed PE player in the Indian infrastructure sector has appointed DT Joseph and Sarvit Singh as special advisors to guide the Company on its investments in India.

£5m investment in new Indian container depot

Supplychainanalysis.igd.com, 26 August 2008
Eredene Capital plc has invested £5m (INR 400m) in a new road and rail Inland Container Depot (ICD) in the State of Gujarat in North-West India. The 283,000 sq m plot is situated next to both the primary rail and road routes from Delhi to Mumbai.

Eredene Capital makes GBP5M Investment in Indian Depot

Dow Jones, 26 August 2008
Eredene Capital the AIM-quoted investor in Indian infrastructure, said through a wholly owned subsidiary it is investing up to INR 400 million (GBP5mln) in a Road and Rail Inland Container Depot in Gujurat State, northwest India – a strategically located facility to handle a boom in India’s containerised freight traffic.

Eredene Capital to invest 5mln pounds in Indian road, rail container depot

AFX News and Interactive Investor International, 26 August 2008
Eredene Capital PLC said it had agreed to invest up to 5mln pounds in a road and rail container depot in the northwestern Indian state of Gujarat…the planned site is on an 800 metre wide land corridor next to transport routes from the capital Delhi to financial hub Mumbai and the north-south rail line which carries the highest freight traffic in India.

Eredene Capital says Lehman Brothers International Europe cuts stake to 3.11%

Interactive Investor International, AFX News and Advanced Financial Network, 13 August 2008
AIM-quoted Eredene Capital PLC said Lehman Brothers International (Europe) sold shares in the company, cutting its stake to 7.63 million shares, or 3.11%, from an earlier 18.71million shares.

Eredene Capital Hires Two Specialist Advisors

Dow Jones, 11 August 2008
Eredene Capital, the investor in Indian infrastructure, said Monday it has appointed two Indian Special Advisors with extensive high-level experience in Indian shipping, transport, and warehousing … DT Joseph and Sarvjit Singh.

Matheran Realty setting up low-cost houses in Karjat

The Economic Times, 01 August 2008
Matheran Realty is working with UK’s Eredene Capital and Philippines’ Sterling Construction Systems (SCS). The township, called Tanaji Malasure City, is now witnessing the first phase of construction. The plans by any yardstick are gargantuan—in all, there will be 2 lakh houses with each having an area of 300-500 sq.ft. Come January 2009, the first set of owners will be ready to move into their dream home.

Six vie for Ennore box terminal

Lloyd’s List / Jane’s Transport Finance, 08 July 2008
Six entities, including five international consortia, have been shortlisted to develop a 1.5m teu container terminal at the southern Indian port of Ennore…
…Group Maritime JCBSL has applied in partnership with Obrascon Huarte Lain, GE Mauritius International Holdings and Eredene Capital…

Siren Song of Asia infrastructure lures funds

The Hindu Business Line / Philippine Daily Inquirer / Reuters, 19 June 2008
With trillions of dollars to be spent on infrastructure in China, India, and other fast-growing emerging markets in coming years, private funds are pouring into a sector with clear opportunities - and plenty of risk…
…Investors big and small are flocking to the sector…
…”Relative to building the 10th new retail mall in a suburb of Mumbai, I’d much rather build the first distribution park in the steel industry of Orissa, where you’ve got great demand,” said Alastair King, CEO of UK-based India investor Eredene Capital, which owns a warehousing operation near Delhi.

Eredene to develop logistics park for steel products

Container Management, 01 June 2008
Eredene Capital PLC, a UK-based investor in Indian infrastructure and real estate, is to invest an estimated Rps210m (£2.6m) in a new logistics park in Kalinganagar in the State of Orissa in eastern India. This is Eredene’s sixth investment in India and its second joint venture with Apeejay Surrendra Group, a global Indian business….
Construction is scheduled to start in the second half of 2008, with operations targeted to start in 2009…

Eredene moves into profit, seeks more funds

City AM, 19 May 2008
India-focused property investor Eredene moved into profit in 2007 as it broadened its strategy to include investments in Indian infrastructure in sectors such as logistics, distribution warehouses, and port services...

A Commitment to India

Containerisation International, May 2008
Eredene Capital is solely focused on investing and improving infrastructure in India. Following interviews with several of the company’s executives, CI reports on its future strategy.
London-based Eredene Capital is committed to India and, in particular, to helping upgrade the country transport infrastructure and logistics systems…
[Article discusses history of company, reasons for India focus, the difficulties, and benefits, of operating there, and also a critique of the regulatory system governing Indian ports. Includes fact box of four Eredene investments: Project Haldia, Project Pipavav CFS, Project Sattva CFS, Project MJ Logistics]

Eredene Capital to invest up to 2.6 mln pounds in a new logistic park in India

Thomson Financial, 07 May 2008
Eredene Capital Plc. said its unit will invest up to 2.6 million pounds in a new logistic park at Kalinganagar in Orissa, India, through its joint venture partner Apeejay Infra-Logistics Pvt. Ltd…

A Land for the Brave

Property Week Global, 02 May 2008
With its political stability and educated workforce, India has an advantage over some emerging markets. But cross-border investors still tread warily. Aditi Shah speaks to four that are ploughing in.
Last month, during a London conference organised by the US’s National Association for Real Estate Investment Trusts, property entrepreneur Sam Zell said he saw no opportunities for investment in the western world, and that when investors go into emerging markets, they swap ‘the rule of law for growth’…
[General discussion on the challenges and opportunities these companies face in India, with reference to Ishaan, Eredene, Reit, & Trikona Trinity]
..Eredene Capital has found that by investing in infrastructure-related properties, such as shipyards and container freight ports, it does not need to keep its initial investment in the country for the stipulated three-year period…

London-based Eredene Capital is taking advantage of local knowledge in the Indian ports sector - almost a year on from switching its emphasis from real estate to infrastructure

Infrastructure Journal, 14 April 2008
The AIM-listed India investment fund launched in April 2006 with US$100 million which it invested in a real estate portfolio, only to sell it in June 2007 - with an IRR of 34 per cent - and put the proceeds into the booming infrastructure sector.

Eredene Capital starts construction at Mumbai site

Hemscott, 31 March 2008
Eredene Capital PLC., an AIM-quoted investor in Indian infrastructure and real estate, said construction has started on its joint venture low-income housing project near Mumbai…

Eredene Capital

Investors Chronicle, 03 August 2007
Over the next 10 years, Eredene Capital plans to build 185,000 houses for low-income families around Mumbai. This is Eredene’s first investment since splitting from its Indian investment partner in June. Eredene is investing up to £16.4m in this current project.

Eredene Severs Ties with External Management

Property Week, 15 June 2007
Eredene Capital has sold its investment portfolio and severed ties with Saffron Capital, its external management team, six years early at a cost of £2.39m. Eredene has sold its investment properties for £12.25m to rival AIM company Yatra Capital, also externally managed by Saffron Capital. Eredene paid £245,000 to buy Aboyne Mauritious, an Indian developer, from Robert Arnold. Nikhil Naik, formerly at P&O Ports, heads Aboyne and will join the board of Eredene. Nikhil has a pipeline of schemes that require £100m of equity.

Growing interest in Indian Real Estate

Financial Times 10.04.07
Indian companies are becoming especially interested in emerging sectors such as real estate, infrastructure and energy. Due to the common perception that AIM has less rigorous listing criteria than that of the full market, it is becoming increasingly favoured. Eredene Capital, a real estate fund dedicated to investment in India, raised £57m on AIM.

Taking Risks on Emerging Markets

Europroperty (Supplement) 05.03.07
Eredene, an AIM listed vehicle, advised by Saffron, started life as a small cash shell but has since raised £57m to invest in Indian Property. £14m of this sum has been invested in three projects. These include a 50% stake in a shopping complex development in Nashik, Maharashta State, and a township development and retail complex in Indore, Madhya Pradesh State. .

Real Estate Boom in India

Investors Chronicle 24.11.06
There seems to be a surge of AIM floats from India; the second fastest-growing economy in the world. KSK Power and Ishaan Real Estate have raised a total of £210m between them despite challenging market conditions. In addition West Pioneer intends to raise £26m. These property companies join Eredene, Trinity Capital, and Noida Toll Bridge; an infrastructure developer. Listing in London is fast and simple. Indian companies can see these benefits and are deciding to act on them, especially for AIM floats. By listing in London, Indian rules can be circumvented, such as the requirement of a three-year financial track record before floating. The pace of investment, however, has been slow. Trinity’s first deal took four months to complete. However, in recent weeks several more projects have been announced. In addition, Eredene’s first Indian investment, took five months to process. There is a considerable amount of money to be made out of India over the next decade. .

Hot Prospects

Shares 02.11.06
Eredene was previously involved in acquiring businesses in Europe, Australasia and the Far East; however, in April it changed its strategy to become an Indian real estate investor and raised £57m. Eredene has spent £10.9m on two property joint ventures, having now focussed its attention on capital growth projects in smaller Indian cities. Eredene’s main shareholders are GLG Partners (28.1%), Caledonia Investment (19.6%), and Henderson Global Investors (19%).

New ground for Eredene

Shares 21.09.06
Eredene, the India-focused real estate investor has secured a £4.2m deal for a 50% stake in a shopping mall development in Nashik, due to be completed in 2008. Nearly 40% of the retail space has been pre-let. Due to a one off $969,400 fee to adviser Saffron, at pre-tax profit level Eredene fell into the red. Compared to an administrative spend of £200,000 last year, these expenses have hit £1.4m. Eredene is at the start of its investment cycle. Due to this, no turnover was recorded. Eredene’s strategy was changed in April to focus purely on India and raised £57.1m to continue building its portfolio. .

Investors view India as Latest Growth Hotspot

Financial News 12.06.06
India is becoming a focus for real estate investors. They are tuning into the fact that one in six of the world’s population lives in the country and its economy is powering ahead; real GDP is expected to grow by 6% a year over the next decade. A UK investor targeting India with a partner is Aim listed Eredene. Alastair King, Chief Executive of Eredene, said: “We have a strong partner and feel we can get strong internal rates of return on our investment there, better than we can do elsewhere. We thought it better to raise a modest amount of money and show that we can deploy it. Over the next five years, development will be in tier two and three cities, where there is a good university to service demand for qualified labour from multinationals – places like Mysore, Kochi, Ahmedabad and Pune”

The Sunday Telegraph 11.06.06
Eredene Capital is now understood to be close to announcing its first deal. The company is backed by GLG Partners and Caledonia Investments and those looking for exposure to one of the fastest growing economies in the world should take a look. BUY.

Indian Plan Adds Spice to Eredene

Shares Magazine 20.04.06
In a marked change in strategy, cash shell Eredene Capital has abandoned its quest for a reverse takeover candidate and decided to invest in the flourishing real estate market in India instead. Eredene has raised £57.1 million at 25p to fund the plan via a conditional placing…The plan is to invest between £3m and £14m in each project and sell the properties on for a profit within three to seven years. The investments have the potential to generate high returns for shareholders. The shares jumped 13% on the news.

Eredene is an Indian first for London

The Independent 11.04.06
Eredene Capital is to become the first quoted Indian property company on the London stock market. The company has raised $100m to invest in commercial and residential opportunities in small Indian cities.

Eredene Capital to Target India

AFX News Focus 10.04.06
Eredene Capital, a cash shell admitted to AIM in February 2005 has raised £57.1m to invest in real estate in India. Alastair King chief executive of Eredene, said: “Eredene provides an early opportunity to invest in India's growing economy through a strategy to invest in and develop real estate in India. We are delighted that Saffron will become Eredene's investment advisers and look forward to working very closely with such a strong and dynamic team. We believe that Saffron has both the experience and the network to secure highly profitable investments in Indian real estate.”