Adani Road Transport, Silver Point Capital, Cube Highways and Kotak Investments Advisors are competing for the special purpose vehicle (SPV) promoted by IVRCL which owns the IVRCL Chengapalli Tollways.

The bankruptcy court recognized the toll road's insolvency in April, and insolvency proceedings are now underway.

The other two applicants for expression of interest were Global Infrastructure Partners (GIP) India and Highways Infrastructure Trust (HIT).

Global investment fund KKR developed the road infrastructure investment trust HIT and the global infrastructure fund GIP. SPCL Luxembourg Advisors, a Silver Point affiliate, has expressed interest.