Cube acquires India highway portfolio

National Highways Authority of India (NHAI) sells multiple operational projects

Cube Mobility Investments, a portfolio company of I Squared Capital, has acquired nine operating highway projects from the National Highways Authority of India (NHAI).

The deal, which is valued at $684m and includes the right to toll the roads for 30 years, will see Cube invest over $95m for improvements under a Toll-Operate-Transfer (TOT) Model.

The roads are situated in the states of Bihar, Uttar Pradesh, Jharkhand and Tamil Nadu, and have a total length of 566km. Cube’s Indian highway portfolio now has over 8,400 lane-kilometres across 27 projects.

“This is a defining transaction for transportation Public-Private Partnerships globally and highlights the leadership that NHAI has demonstrated in implementing innovative frameworks for private sector participation”, said Gautam Bhandari, director of Cube Highways and managing partner of I Squared Capital.