Gayatri Highways Limited has entered into an agreement to sell a stake of up to 36.99% in HKR Roadways Limited to Kotak Special Situations Fund for INR1.71 billion ($23 million).

HKR Roadways is a special purpose vehicle (SPV) incorporated for designing, construction, development, finance, operating, and maintaining of four laning of Hyderabad – Karimnagar – Ramagundam Road (SH-1) from km 28.200 to km 235.058 in Telangana under public private partnership on DBFOT (Toll) basis.

The 207km long project, which was laid with an investment of INR22 billion, became operational in 2014. It has a concession period of 25 years.

Based in Hyderabad, Gayatri Highways Limited is a provider of infrastructure construction services.

  Gayatri Highways Limited, HKR Roadways Limited, Hyderabad, India, Kotak Special Situations Fund, Telangana