Kochi: Inkel, the infrastructure development company promoted by the state government, allegedly concealed a loss of ₹22.62 crore incurred in the Ramanattukara–Vengalam National Highway development project. The company also failed to provide an explanation for the loss.

When interest on the loans taken by Inkel from banks for the project is factored in, the total loss is estimated at ₹57.58 crore.

The transactions, which were allegedly kept from even Inkel's directors, came to light through an exit agreement submitted by the company before the National Company Law Tribunal (NCLT).

Inkel, which operates through public-private partnership (PPP) projects, entered into the deal that resulted in the loss during 2019-20. KMC, a Hyderabad-based company, had secured the contract to construct the 28-km Ramanattukara–Vengalam stretch of the National Highway. Inkel joined the project by investing in Calicut Expressway Private Limited, a company floated by KMC for the road development.

However, after delays in commencing the work, Inkel decided to exit the project.

According to a memorandum of understanding (MoU) signed between Inkel and Calicut Expressway in March 2022, Inkel had invested ₹66.12 crore in the project. However, Calicut Expressway agreed to refund only ₹48 crore.

Inkel subsequently granted a further concession of ₹4.50 crore on the ₹48 crore that Calicut Expressway had agreed to return. No explanation has been provided by the Inkel authorities for the resulting loss of ₹22.62 crore.

The Exit Agreement dated July 5, 2025, states that KMC informed the NCLT that ₹43.50 crore had been returned to Inkel. Of this, ₹23.51 crore was paid on May 2, 2024, and ₹19.99 crore was returned on June 30, 2024.

According to the calculations cited in the agreement, the loss increases substantially when interest costs are taken into account. Interest at 10% over four years on ₹23.51 crore amounts to ₹9.4 crore, while interest at the same rate over five years on ₹19.99 crore comes to ₹11.99 crore. A further ₹13.57 crore is cited as interest on the ₹22.62-crore loss.

With these amounts included, the total loss is estimated at ₹57.58 crore.