IndiaRF, a joint venture between Piramal Enterprises and Bain Capital Credit, has announced ₹555 crore investments in Thrissur Expressway Limited (TEL), a part of Hyderabad-based KMC Constructions Ltd. The funds will be used for restructuring TEL's existing debt and for last-mile financing to enable project completion.
TEL is a special purpose vehicle floated by KMC to complete a 28 km long highway project in Kerala, between Thrissur and Vadakkanchery. It is a part of the National Highway that connects Kochi, Kerala, and Salem, Tamil Nadu, which passes through several major cities such as Erode, Coimbatore, Palakkad and Thrissur. The highway project was awarded to TEL 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. It also includes the construction of a six-lane tunnel that will result in significant efficiencies for commuting traffic while also contributing to the biodiversity of the region. On completion, the project will significantly improve connectivity between the key states of South India including Kerala and Tamil Nadu, and will create significant efficiency as well as savings for both commercial and passenger traffic.