India Resurgence Fund invests Rs 555 cr in Thrissur Expressway Ltd

According to the statement, TEL, a special purpose vehicle of KMC, is a 28-km highway project in Kerala, between Thrissur and Vadakkanchery.

New Delhi: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 the 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