IndiaRF announces Rs 555 cr investment for Thrissur expressway

22 Sep 2021 CW Team

Piramal Enterprises backed India Resurgence Fund (IndiaRF) has announced an investment of Rs 555 crore in Thrissur Expressway Ltd (TEL), a subsidiary of Hyderabad-based KMC Constructions Ltd, to complete the Thrissur-Wadakkanchery road, which is part of the national highway.

In order to complete the project, TEL plans to use the funds to restructure its existing debt and fund the last-mile portion.

TEL is a KMC special purpose vehicle that was created for the construction of the 28 km Thrissur-Wadakkanchery highway.

It is a section of the national highway that runs from Kochi to Salem in Tamil Nadu, passing through several important cities including Erode, Coimbatore, Palakkad, and Thrissur.

The National Highways Authority of India (NHAI) awarded the project to TEL in 2009 for widening the existing two-lane stretch to six lanes on a design, build, finance, operate, and transfer basis for a 20-year concession period.

According to Managing Director of IndiaRF, Shantanu Nalavadi, the investment will significantly improve connectivity between Kerala and Tamil Nadu, as well as create significant efficiency and savings for both commercial and passenger traffic.

The investment from IndiaRF comes at a crucial time for project completion, said Vikram Reddy, MD of KMC Constructions Ltd.

He cited that the company is confident in completing the last mile and opening the entire stretch as soon as possible in order to improve connectivity between towns and key states in South India.

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