‪‬‪‪KNR Constructions has reported progress on its Walayar-Vedakkancherry Section highway project in Kerala. The project envisages four-laning of a 53.89-km road stretch in the Walayar-Vedakkancherry Section of the NH-47 from 182 km to 240 km in Kerala. This National Highway Development Phase II project is being implemented under the design, build, finance, operate and transfer mode. The project is to be executed by a special purpose vehicle 'KNR Walayar Tollways Private Ltd'. As of May 2013, the project has achieved financial closure. The company has reportedly signed financing documents with a clutch of banks, including Central Bank of India, Bank of India, Corporation Bank, Canara Bank and Vijaya Bank for the debt component.