Kerala: 28 Km-Long Thrissur Expressway Ltd To Be Acquired By Edelweiss-Backed Sekura Roads

Edelweiss-controlled Sekura Roads is set to purchase Thrissur Expressway Limited (TEL) from KMC Constructions for Rs 800 crore. TEL spans 28 km and is presently 90 per cent owned by KMC Infratech, with the remaining 10 per cent held by China Railway 18th Bureau Group Corporation Limited.

Thrissur Expressway Ltd (TEL) was established in 2009 as a Special Purpose Vehicle for six-laning the Vadakancherry-Thrissur section of NH-47 covering 28.355 km in Kerala.

The project is on a Design-Build-Finance-Operate (DBFO) basis under Concession Agreement (CA) from the National Highways Authority of India (NHAI).

KMC Constructions and China Railway 18th Bureau Group Corporation Limited (CR18G) were chosen by NHAI to execute the project in a 74:26 shareholding ratio as the SPV, according to an Economic Times report.

India Resurgence Fund has invested Rs 555 crore ($75 million) in Thrissur Expressway for debt restructuring and last-mile financing to complete the project. Promoted by Piramal Enterprises and Bain Capital Credit, this investment was made in 2021.

Sekura acquired eight roads covering 4,900 lane km and a transmission project for Rs 6,000 crore from L&T Infrastructure Development Projects and Canada Pension Plan Investment Board in December 2022.

In 2020, it acquired 119 lane km of road projects from Navayuga group and the roads sector is seeing robust deal activity.

Cube Highways InvIT received $630M in investment led by Mubadala and British Columbia Investment Management Co in Canada last month.

KKR acquires five roads in total, four from HG Infra Engineering Ltd and one from Navayuga group, with signed agreements.