SINGAPORE, Sept 30 (Bernama-BUSINESS WIRE) — Cube Highways III, a portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund II, has acquired 100 percent of KNR Walayar Tollways Private Limited (KWTPL), an operating toll road in the state of Kerala, India, from KNR Constructions Limited. Including this transaction, and assets under various stages of closing, the Cube Highways group has a portfolio of 27 highways with nearly 8,400 lane-kilometers across India.
KWTPL operates a 53.5-kilometer, four-lane toll road connecting Walayar, on the border of the southern Indian states of Tamil Nadu and Kerala, and Vadakkancherry in Kerala. Awarded as a 20-year concession in 2012 for strengthening and widening a two-lane highway to a four-lane configuration, the project has been operational since May 2015. Forming a critical part of National Highway-47, KWTPL lies on the arterial entry route into Kerala, connecting the major cities of Salem, Erode and Coimbatore in Tamil Nadu with Thrissur and Kochi in Kerala.