Edelweiss’s Sekura Roads acquires Thrissur Expressway for Rs 8 bn

25 May 2023 CW Team

In 2021, the India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, invested Rs 5.55 billion ($75 million) in Thrissur Expressway to restructure TEL's existing debt and provide last-mile financing for project completion.

Established in 2009, Thrissur Expressway (TEL) is a Special Purpose Vehicle (SPV) responsible for the six-laning of the Vadakancherry-Thrissur section of NH-47, covering a distance of 28.355 kilometers in Kerala. The project operates under the Design-Build-Finance-Operate (DBFO) basis, with a Concession Agreement (CA) from NHAI. KMC Constructions and China Railway 18th Bureau Group Corporation Limited (CR18G) were selected by NHAI as the consortium to execute the project, with a shareholding ratio of 74:26.

When approached for comment, an Edelweiss spokesperson declined to provide any information, and emails sent to KMC did not receive a response. Sekura Roads, planning to launch an InvIT (Infrastructure Investment Trust), has been actively acquiring road assets through inorganic growth strategies in recent years.

In December 2022, Sekura entered into a Rs 60 billion deal to acquire a portfolio of eight roads spanning 4,900 lane kilometers and one transmission project from L&T Infrastructure Development Projects and Canada Pension Plan Investment Board. In 2020, the company acquired two road projects totaling 119 lane kilometers from the Navayuga group. The roads sector has been witnessing significant deal activity.

Just last month, Canada's British Columbia Investment Management Co and Mubadala led a $630 million investment in Cube Highways InvIT. As reported by a news publication on April 23, KKR, Sekura, and Cube Highways are in a race to acquire a portfolio of 11 road assets from Ashoka Concessions, valued at approximately Rs 55 billion. KKR has also signed agreements to acquire a portfolio of four roads from HG Infra Engineering and one toll road from the Navayuga group. Private equity firm Actis is also considering the acquisition of a road portfolio from Patel Infrastructure, with an enterprise valuation of around Rs 15 billion.

Rating agency ICRA predicts a significant increase in road execution activity in FY2024, estimating a growth of 16-21 per cent to reach 12,000-12,500 kilometers, driven by a robust project pipeline, increased government capital spending, and a focus on completing projects prior to the general election.

Also Read
Madhya Pradesh seek bids for construction of 6 lane flyover at Dewas Naka
Kaloor-Kadavanthra road revamp: A major city attraction

According to several sources familiar with the matter, Sekura Roads, backed by Edelweiss, is preparing to acquire Thrissur Expressway (TEL), a 28-kilometer road asset owned by KMC Constructions, in a deal valued at Rs 8 billion. Currently, KMC Infratech holds approximately 90 per cent equity stake in TEL, while China Railway 18th Bureau Group Corporation Limited (CR18G) holds the remaining 10 per cent. In 2021, the India Resurgence Fund, promoted by Piramal Enterprises and Bain Capital Credit, invested Rs 5.55 billion ($75 million) in Thrissur Expressway to restructure TEL's existing debt and provide last-mile financing for project completion. Established in 2009, Thrissur Expressway (TEL) is a Special Purpose Vehicle (SPV) responsible for the six-laning of the Vadakancherry-Thrissur section of NH-47, covering a distance of 28.355 kilometers in Kerala. The project operates under the Design-Build-Finance-Operate (DBFO) basis, with a Concession Agreement (CA) from NHAI. KMC Constructions and China Railway 18th Bureau Group Corporation Limited (CR18G) were selected by NHAI as the consortium to execute the project, with a shareholding ratio of 74:26. When approached for comment, an Edelweiss spokesperson declined to provide any information, and emails sent to KMC did not receive a response. Sekura Roads, planning to launch an InvIT (Infrastructure Investment Trust), has been actively acquiring road assets through inorganic growth strategies in recent years. In December 2022, Sekura entered into a Rs 60 billion deal to acquire a portfolio of eight roads spanning 4,900 lane kilometers and one transmission project from L&T Infrastructure Development Projects and Canada Pension Plan Investment Board. In 2020, the company acquired two road projects totaling 119 lane kilometers from the Navayuga group. The roads sector has been witnessing significant deal activity. Just last month, Canada's British Columbia Investment Management Co and Mubadala led a $630 million investment in Cube Highways InvIT. As reported by a news publication on April 23, KKR, Sekura, and Cube Highways are in a race to acquire a portfolio of 11 road assets from Ashoka Concessions, valued at approximately Rs 55 billion. KKR has also signed agreements to acquire a portfolio of four roads from HG Infra Engineering and one toll road from the Navayuga group. Private equity firm Actis is also considering the acquisition of a road portfolio from Patel Infrastructure, with an enterprise valuation of around Rs 15 billion. Rating agency ICRA predicts a significant increase in road execution activity in FY2024, estimating a growth of 16-21 per cent to reach 12,000-12,500 kilometers, driven by a robust project pipeline, increased government capital spending, and a focus on completing projects prior to the general election. Also Read Madhya Pradesh seek bids for construction of 6 lane flyover at Dewas NakaKaloor-Kadavanthra road revamp: A major city attraction

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