India Resurgence Fund invests $75 million in Thrissur Expressway

The Piramal- and Bain Capital-promoted fund will use the money for recasting TEL's existing debt and for last-mile financing to enable project completion

Piramal Enterprises and Bain Capital Credit-promoted India Resurgence Fund on Monday announced an investment of $75 million (Rs 555 crore) in Thrissur Expressway Limited,  a part of Hyderabad based KMC Constructions Limited.

IRF, which has investments from global investors, will utilise the funding for restructuring TEL’s existing debt and for last-mile financing to enable project completion.

"On completion, the project will significantly improve connectivity between key South Indian states namely, Kerala and Tamil Nadu and will create significant efficiency and savings for both commercial and passenger traffic. IndiaRF has the capital and the expertise to invest in similar opportunities that will provide