The Kotak Special Situations Fund has announced its eighth deal to acquire a 74 per cent stake in the stressed HKR Roadways Limited, owned by a consortium led by Gayatri Projects Limited. The alternative investment arm of Kotak Investment Advisors Limited bought the stake with support from lenders, led by the government-owned Canara Bank and including PNB, Union Bank of India, Indian Overseas Bank, India Infrastructure Finance Company, Indian Bank, and Bank of Baroda, for $98 million.