India Resurgence Fund, promoted by Piramal Enterprises Limited and Bain Capital Credit, along with international co-investors, has announced an investment of $75 million (₹555 crore) in Thrissur Expressway Limited (TEL), a part of the Hyderabad-based KMC Constructions Limited.

The investment will be used to restructure TEL’s existing debt and for its last-mile financing.

IRB Infrastructure wins ₹909 crore highway construction project

TEL, a special purpose vehicle of KMC, is a 28-km highway project between Thrissur and Vadakkanchery in Kerala. It is part of the National Highway that connects Kochi in Kerala with Salem in Tamil Nadu and passes through several important cities such as Erode, Coimbatore, Palakkad and Thrissur.

The National Highway Authority of India had awarded the project in 2009 — to widen the two-lane stretch to six lanes — on a ‘design, build, finance, operate, and transfer’ basis for a concession period of 20 years.

2,200-km of State highways to be converted into four-lane in 10 years

Shantanu Nalavadi, Managing Director, IndiaRF, said, “On completion, the project will significantly improve the connectivity between the key states of South India — namely, Kerala and Tamil Nadu —and will create significant efficiency as well as savings for both commercial and passenger traffic.”

Vikram Reddy, Managing Director, KMC Constructions Limited, said, “We are confident of completion of the last mile and opening the entire stretch at the earliest... We have been able to design, build and operate a 1-km-long tunnel, which achieves the twin objective of improving connectivity and, at the same time, contributes to the rich biodiversity of this region.”

Equirus Capital is the exclusive advisor to KMC on this transaction.

Related Topics
comment COMMENT NOW