Indus Infra Trust has approved the acquisition of 100% equity shareholding in ULCCS Kasaragod Expressway Private Limited (UKEPL) for up to ₹4,439.77 million. The acquisition is aimed at expanding the Trust's portfolio of stable road assets and is expected to be yield accretive for unitholders. The board of GR Highways Investment Manager Private Limited, acting as the Investment Manager, approved the transaction on June 8, 2026.

The acquisition involves purchasing 1,44,71,001 fully paid-up equity shares of ₹100 each, representing the entire issued, subscribed, and paid-up share capital of UKEPL. The enterprise value of the transaction is up to ₹10,008.44 million, subject to closing adjustments. The consideration will be paid in cash, and the transaction is not classified as a related party transaction.

Target Asset Details

UKEPL owns and operates a six-lane expressway from Thalapady to Chengala section of NH-17 (New NH-66) in Kerala, spanning a total length of 39.00 km. The project operates under the Hybrid Annuity Mode (HAM) with a bid project cost of ₹1,665.43 Crore. The concession period is 15 years, with a balance life of 14.22 years as of June 8, 2026.

Transaction Timeline and Approvals

UKEPL has received the No Objection Certificate (NoC) from the National Highways Authority of India for the transfer of 100% shareholding. The Share Purchase Agreement was executed on June 8, 2026, involving the Trust, IDBI Trusteeship Services Limited, the Investment Manager, ULCCS, and UKEPL. The long stop date for the completion of the acquisition is September 30, 2026.

The acquisition aligns with Indus Infra Trust's investment strategy of building and managing a portfolio of stable road assets. The Trust aims to remain focused on infrastructure development, specifically in the highways sector.

Indus Infra Trust has completed the acquisition of controlling interest and substantially all of the equity share capital of KNR Palani Infra Private Limited. The transaction was finalized on May 29, 2026, under Regulation 23(6) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The acquisition was executed from KNR Constructions Limited, the seller in the transaction.

Pursuant to the agreement, all equity shares of KNR Palani Infra Private Limited, except two equity shares held by nominee shareholders of the seller, have been transferred to the Trust. These two nominee shares are scheduled to be transferred in favor of the nominees of the Trust. The necessary steps to effect this transfer are currently being undertaken in accordance with applicable laws and the transaction documents.

Despite the pending transfer of the nominee shares, the Trust has acquired control of KNR Palani Infra Private Limited with effect from May 29, 2026. The completion of this acquisition follows an earlier intimation dated December 25, 2025, regarding the proposed transaction.

The following table summarizes the key details of the acquisition:

The information regarding the acquisition has been made available on the official website of the Trust. The Investment Manager for the Trust is GR Highways Investment Manager Private Limited.