Equirus Announces Transaction Closure for Thrissur Expressway Ltd.

Equirus acted as Exclusive Advisor to TEL for the entire transaction.

TEL, a special purpose vehicle of KMC, is a 28 km highway project in the state of 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 important cities such as Erode, Coimbatore, Palakkad and Thrissur. 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.

Ajit Deshmukh, Managing Director, Equirus expressing his views said, “We are happy to assist TEL in arranging the funding to complete this long overdue project. This is the eighth transaction in road space by Equirus Capital and we are elated that we could lend a helping hand to TEL. for the successful completion of the transaction. I acknowledge efforts of Vijay Agrawal and Sanjay Chugani for closure of transaction.”

Vikram Reddy, Managing Director, KMC Constructions Limited said, “The investment from IndiaRF comes at critical juncture for project completion. We are confident of completion of the last mile and opening the entire stretch at the earliest so that it improves the connectivity between the towns and key states of South India. We are particularly pleased that we have been able to design, build and operate a 1km long tunnel which achieves the twin objective of improving connectivity but at same time contributing to the rich biodiversity of this region. The NHAI has supported this project of vital regional and national interest, for which we are thankful. We also thank Equirus Capital for advising us and helping us on its closure.“

Commenting on the investment, Shantanu Nalavadi, Managing Director, IndiaRF said, “We are pleased to partner with KMC Group, as it embarks on an exciting journey to complete this critical project and to support a project that is in the interest of the nation. On completion, the project will significantly improve the connectivity between the key states of South India namely, Kerala and Tamil Nadu and will create significant efficiency as well as savings for both commercial and passenger traffic. IndiaRF has the capital and the expertise to invest in similar opportunities that will provide effective solutions that address bottlenecks in infrastructure projects of national interest, resolve issues in the capital structure of such projects, support financial institutions and create win-win situations for all stakeholders.”

About Thrissur Expressway Limited and KMC Constructions Limited

Thrissur Expressway Limited (TEL) is a special purpose vehicle promoted by KMC to complete a 28 km road from Thrissur to Vadakanchary in Kerala. This project also includes a 6 lane tunnel that will result in significant efficiencies for commuting traffic while also contributing to the biodiversity of the region.

About India Resurgence Fund (IndiaRF)

India Resurgence Fund (IndiaRF), promoted by Piramal Enterprises Limited and Bain Capital Credit, invests capital in the form of both debt and equity in distressed businesses across sectors in the Indian market. IndiaRF looks to invest in businesses that require balance sheet restructuring and engaging with companies that have fundamentally strong growth prospects linked to the infrastructure and consumption needs of India and are competitive on cost and quality in the export markets. IndiaRF is committed to enabling positive turnarounds that create value for all stakeholders.

For more information, please visit: www.indiarf.com.

About Equirus

Equirus Capital provides full-service Investment Banking services for corporate clients and HNI customers and offers services covering equity capital markets, debt capital markets, structured finance, PE, M&A, insurance broking, and wealth management. Its wholly owned subsidiary Equirus Securities is a member of NSE and BSE. It also offers depository services, portfolio management, and research apart from institutional equities. Equirus has done more than 180 transactions across M&A, PE, IPOs, QIPs, Rights Issue, and Structure Finance raising c. $6 billion in the process. Over the last 14 years, Equirus has built impeccable credentials across domains and has created a niche for itself in its ability to structure and deliver transactions in line with the client requirements.

For more information, please visit: www.equirus.com.