Cube Highways plans to sell 7 road projects
economictimes.indiatimes.comCube Highways & Infrastructure, an investment arm of global infrastructure fund I Squared Capital, plans to monetise some of its road assets by selling seven highway projects spanning 516 kilometres (2,200 lane km), multiple people aware of the development said.
Cube has hired Ambit Capital to run the sale process and feelers have already been sent to leading investors and strategic investors, the sources said. They did not share any estimated sale value. The assets on the block include six hybrid annuity model (HAM) assets and one BOT (build-operate-transfer) asset. They reported a total revenue of ₹860 crore in FY23.
Cube Highways — the largest roads operator in India with a portfolio of 27 highways spanning nearly 8,400 lane km — had originally planned to transfer these assets with a right of first offer (ROFO) into its private infrastructure investment trust (InvIT), the sources said.
Backed by I Squared Capital, ADIA and International Finance Corp, Cube had raised ₹5,225 crore ($630 million) last year from investors including British Columbia Investment Management Corporation and Abu Dhabi's sovereign investor Mubadala Investment through its private InvIT.
The road assets on the block are spread across Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu.
In Maharashtra, Cube is selling two HAM assets — the 52-km Borgaon-Watambare Highways and 56-km Mangalwedha Solapur Highways — which are part of NH-166 connecting the south-western region of the state.
In Telangana, it plans to sell 49-km Mangloor
