Infrastructure India (IIP) announced its annual results for the 12 months ended 31 March 2023. The company has been selling off assets over the period, with the value of these now standing at £99.1m, down 40% from the same time last year. Net liabilities were £184.9m as at 31 March 2023. The group had gross cash resources of £0.3m. The sale of Indian Energy Limited is expected to complete imminently for total cash consideration of approximately US$4.37m. IIP is also discussing preliminary terms for the sale of DLI and further announcements with regard to this will be made as and when appropriate. The board has been active in securing sources of financing to ensure the group has adequate funding to continue to meet liabilities as they fall due and, as announced, this includes asset sales. As a result of this process, the group has prepared the accounts on a basis other than going concern due to the uncertainty in relation to the timing of potential transactions, ultimate receipt of sale proceeds and the specifics of any deferred consideration. This basis was considered the most appropriate method for the reporting period. [QD comment : The reporting period was dominated by discussions and due diligence around the sale of both DLI and Indian Energy Limited. Outside of this, the company provided little detail about the outlook going forward.  As we have said previously, the announcement continues the long trend of  ‘can-kicking’  with the manager having piled on more and more debt onto the fund, which has now completely wiped out its NAV. If you look at other India-focused funds, these have generally been doing very well as its markets benefit from a resurgent economy while IIP has floundered and it continues to be a surprise that it has not been put into liquidation.]  IIP : Infrastructure India continues to flounder