Shardul Amarchand Mangaldas & Co. has played a pivotal role in advising Kotak Special Situations Fund and Gayatri Highways Limited in their strategic move to divest their entire stake in HKR Roadways Limited. This significant transaction sees the transfer of interests to Cube Highways and Infrastructure V Pte Limited, marking a notable development in the infrastructure investment space.
The reputable law firm had previously guided Kotak Special Situations Fund through its initial investment journey in HKR Roadways back in 2021. Over the years, Shardul Amarchand Mangaldas has provided counsel on various refinancing activities, demonstrating a consistent advisory presence throughout the investment lifecycle.
The transaction team from Shardul Amarchand Mangaldas comprised of Deepto Roy, Partner, who led the team alongside Partner Shubham Sharma. They were supported by Senior Associate Vaibhav Gwalani and Associate Harshita Chitlangia, bringing together a wealth of expertise to ensure the transaction’s success.
HKR Roadways Limited operates as a special purpose vehicle (SPV) in India, specifically responsible for the four-laning of the Hyderabad–Karimnagar–Ramagundam Road (SH-1) in Telangana. This project is executed under a Design, Build, Finance, Operate, and Transfer (DBFOT) concession agreement with the Government of Telangana, highlighting its critical role in regional infrastructure development.
The sale transaction involved a comprehensive divestment of the SPV’s equity shares and the redemption of its Cumulative Redeemable Preference Shares (CRPS) and Non-Convertible Debentures (NCDs). This was strategically funded through the primary investment proceeds from Cube Highways, ensuring a seamless financial transition. The transaction reached completion on September 8, 2026, solidifying a new chapter for both HKR Roadways and Cube Highways.
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