Viable. Verified. Certified. Valued.

One technical team across the entire life of a credit.

TEV before lending, Lenders’ Independent Engineer and Project Monitoring during construction, valuation at any point after — and resolution when it is needed.

40+
Years of practice
30,000+
Assignments completed
30+
Banks and financial institutions
3
IBBI asset classes under one registration

From first appraisal to final value

Where each service sits

The same engineers and Chartered Accountants follow a project from appraisal to repayment, so nothing learned at one stage is lost at the next.

  1. 01
    Before sanction

    TEV Advisory, DPR and Cost Vetting

    Independent viability, a bank-format project report where the promoter needs one, and line-by-line vetting of the capital-cost estimate.

  2. 02
    At sanction

    Valuation and Chartered Engineer certification

    IBBI-registered valuation of the security and certification of machinery, cost and quantities in the lender’s format.

  3. 03
    During construction

    Lenders’ Independent Engineer and Project Monitoring

    Monthly site inspection, progress and fund-utilisation certification, and early warning of delay, overrun and diversion.

  4. 04
    In operation

    Revaluation, due diligence and enterprise valuation

    Periodic security review, buy-side and lender-side diligence, and business valuation for refinancing, reporting and transactions.

  5. 05
    Under stress

    Restructuring and IBC resolution valuation

    Fair and liquidation value for resolution professionals and committees of creditors, and technical opinion for one-time settlements and RBI frameworks.

Common questions

What is a TEV study?

A Techno-Economic Viability (TEV) study is an independent assessment commissioned by a lender before disbursement. It verifies that a proposed project is technically sound, that its capital cost estimates are credible, that its revenue and cost projections are defensible, and that the resulting debt can be serviced. Kakode & Associates has completed TEV studies across power, renewables, real estate, infrastructure, hospitality, manufacturing and electric mobility, including mandates above ₹15,000 crore.

What does a Lenders’ Independent Engineer do?

A Lenders’ Independent Engineer (LIE) monitors a project on the lender’s behalf during construction. The role covers physical site inspection, verification of milestone completion, certification of fund utilisation against claimed progress, and monthly reporting on delays, cost overruns and diversion risk. Kakode & Associates acts as LIE and Project Monitoring Agency for portfolios of up to ten concurrent projects.

Is Kakode & Associates an IBBI-registered valuer?

Yes. Kakode & Associates is registered with the Insolvency and Bankruptcy Board of India across all three asset categories: Land and Building, Plant and Machinery, and Securities and Financial Assets. The firm is also a Government Approved Valuer and is Chartered Engineer certified, and its reports are IVS-compliant.

What types of assets can Kakode & Associates value?

Land, buildings, plant and machinery, vessels, aircraft, brands and other intangibles, enterprises, and securities and financial assets. Valuations are produced for loan security, IBC and NCLT proceedings, mergers and acquisitions, and financial reporting including Ind AS.

How is Kakode & Associates different from a Big Four valuation practice?

Big Four firms bring broad strategy, audit and transaction capabilities. K&A does one thing: independent techno-financial opinion for lenders, investors and their advisors. TEV, LIE, Project Monitoring, Valuation and Chartered Engineer Certification are our entire practice, not a service line within a larger one.

Every assessment is carried out in-house by our own engineers, valuers and chartered accountants, never sub-contracted. And because one team can stay with a project from appraisal through construction to exit, our clients get a consistent opinion at every stage of the credit.

That depth is why all four Big Four firms in India have engaged us to support their own mandates.

Where does Kakode & Associates operate?

11 offices across India — Mumbai (headquarters at Dadar), Pune, Ahmedabad, Hyderabad, Panaji, Delhi NCR, Bengaluru, Chennai, Kochi and Kolkata — with 30+ professionals. All our offices are in India; assignments have also been completed in the UAE, Oman, the USA, Ethiopia, Zambia, Uganda and Ghana.

How long has Kakode & Associates been operating?

The practice was founded in 1982 by Anil B. Pai Kakode as a valuation and engineering firm. Kakode Associates Consulting Private Limited was incorporated in 2015 by Ameet Pai Kakode, adding TEV and LIE capability, with IBBI registration and IBC valuation capability added in 2018.

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