10 Jan, 2020
SINGAPORE, January 9, 2020 Cube Highways and Infrastructure III Pte. Ltd., (Cube Highways), a portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund II, has entered into an agreement to acquire a 100 percent stake of KNR Walayar Tollways Private Limited (KWTPL), an operating toll road in the state of Kerala, India. Following the transaction, the Cube Highways group portfolio will have 28 projects and over 8,600 lane-kilometers of highways across India, including assets under various stages of closing
KWTPL operates a four-lane 53.5-kilometer toll road connecting Walayar with Vadakkancherry on National Highway (NH) 47. The project is a 20-year concession granted in 2013 for strengthening and widening the highway from its original two lanes. Tolling commenced in October 2015.
“With this acquisition, Cube Highways continues its disciplined growth strategy and further expands its lead as the preeminent owner-operator in the Indian Highways sector,” said Gautam Bhandari, Director of Cube Highways and Managing Partner at I Squared Capital. “Importantly, with this repeat transaction with KNR Group, Cube Highways has demonstrated that it is the partner of choice for leading road construction companies.” Cube Highways had earlier entered into an agreement with KNR to purchase three Hybrid Annuity projects.
KWTPL forms a part of NH 47, an integral gateway between the states of Kerala and Tamil Nadu, connecting major industrial and population centers of South India, including Coimbatore, Palakkad, Thrissur and Kochi
The completion of the transaction is contingent upon fulfilment of certain customary regulatory and lender approvals.
About Cube Highways: Cube Highways and Infrastructure III Pte. Ltd. (Cube Highways) is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India. Cube Highways is an independent, professionally managed platform leveraging the extensive transportation experience of its management and execution advisory teams. Shareholders of Cube Highways are leading international investors consisting of I Squared Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority.