Shardul Amarchand Mangaldas & Co has advised Kotak Special Situations Fund and Gayatri Highways Limited on the complete divestment of their interest in HKR Roadways Limited to Cube Highways and Infrastructure V Pte Limited.
SAM had also advised Kotak Special Situations Fund on its initial investment in HKR Roadways in 2021 and subsequently on various refinancings, effectively acting as its counsel through the life of the investment.
The transaction team consisted of Deepto Roy (Partner), Shubham Sharma (Partner), Vaibhav Gwalani (Senior Associate) and Harshita Chitlangia (Associate).
HKR Roadways is an Indian special purpose vehicle (SPV) undertaking the four-laning of the Hyderabad–Karimnagar–Ramagundam Road (SH-1) in Telangana under a DBFOT concession agreement with the Government of Telangana.
The transaction involved the sale of the SPV’s equity shares, along with the redemption of its CRPS and NCDs, funded through proceeds from Cube Highways’ primary investment. The transaction was completed on September 8, 2026.
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