SINGAPORE, Oct 20 (Bernama-BUSINESS WIRE) — Cube Mobility Investments Pte. Ltd. (Cube Highways), a portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund II, has today closed the acquisition of nine operating highway projects from the National Highways Authority of India (NHAI) for $684 million.¹ The Cube Highways portfolio has 27 highways with nearly 8,400 lane-kilometers across India, including assets under various stages of closing.
The roads operate under the Toll-Operate-Transfer (TOT) Model, which grants the right to collect tolls for 30 years on payment of an upfront consideration. Cube Highways was awarded the project for a consideration of INR 50,110 million, or approximately $684 million¹ after emerging as the highest bidder in a public tender process. In addition, Cube Highways will invest more than INR 7,000 million, or $95 million¹, for various improvements and capital expenditures, making it one of the largest foreign direct investments in Indian roads sector.
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