India Resurgence Fund invests Rs 555 cr in Thrissur Expressway Ltd

IndiaRF in a statement said that the investment will be used towards restructuring of TELs existing debt and for last mile-financing to enable project completion. According to the statement, TEL, a special purpose vehicle of KMC, is a 28-km highway project in Kerala, between Thrissur and Vadakkanchery.

India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, on Monday announced an investment of Rs 555 crore in Thrissur Expressway Limited (TEL), a part of Hyderabad-based KMC Constructions Limited (KMC). IndiaRF in a statement said that the investment will be used towards restructuring of TEL's existing debt and for last mile-financing to enable project completion. According to the statement, TEL, a special purpose vehicle of KMC, is a 28-km highway project in Kerala, between Thrissur and Vadakkanchery. TEL was awarded the project in 2009, for widening the existing two lane stretch to six lanes, by the National Highway Authority of India under the design, build, finance, operate, and transfer basis, for a concession period of 20 years, the statement added.

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