Mumbai, Sept. 9 -- Kotak Alternate Asset Managers Ltd (Kotak Alts) has realised a twofold return on its investment in HKR Roadways Ltd, earning Rs.1,650 crore from the sale of the road developer to Cube Highways and Infrastructure V Pte. Ltd, the companies said in a statement on Wednesday.

The realised amount reflects returns made through distributions and the final exit transaction over a five-year period, transforming a stressed infrastructure company into a high-quality operating asset.

HKR Roadways is a special purpose vehicle operating a 206 km four-lane state highway project in Telangana under a build-operate-transfer toll concession running until February 2041. This included three toll plazas on a critical corridor within Telanga...