25 Aug, 2016
NEW DELHI, August 25, 2016 Cube Highways and Infrastructure Pte. Ltd. (Cube Highways), a portfolio company of I Squared Capital and the International Finance Corporation (IFC), is pleased to announce that it has signed an agreement to acquire a 100 percent interest in an operational, annuity-based NHAI road project, Andhra Pradesh Expressways Limited (APEL) from IL&FS Transport Networks Ltd.
“We are excited to add this high-quality annuity road to our growing portfolio. This road receives fixed semi-annual payments from National Highway Authority of India (NHAI) with no exposure to traffic volumes, and provides a good balance to Cube Highways’ existing portfolio of toll roads,” said Gautam Bhandari, Director, Cube Highways and Partner, I Squared Capital. “We continue to evaluate numerous buyout opportunities in carefully selected highway and transportation assets, especially given the positive regulatory changes being implemented by the NHAI.”
APEL operates a 75 kilometer four-lane road stretch on NH-7 running across the states of Andhra Pradesh and Telangana. APEL is a mature highway asset, with a seven-year operating history. Cube Highway’s existing portfolio of toll roads in includes Jaipur-Mahua Tollway, Mahua-Bharatpur Tollway and Western UP Tollway.
“Once closed, this acquisition will diversify Cube Highways’ geographic presence and expand its portfolio to nearly 1,300 lane kilometers,” said Dr. Harikishan Reddy, CEO of Cube Highways Advisors. “Our in-house team uses state-of-art technologies to monitor operations and provide proactive maintenance of the portfolio. Cube Highways is also undertaking several community development and sustainability initiatives at its projects including encouraging cleanliness, landscaping activities and road safety levels.”
About Cube Highways: Cube Highways and Infrastructure Pte. Ltd. (Cube Highways) is a Singapore based company investing in road and highway projects, along with select other infrastructure sectors in India. Cube Highways is an independent, professionally-managed platform that leverages the extensive transportation experience of its management and execution teams. Cube Highways was formed by two leading global financial institutions, I Squared Capital and the International Finance Corporation (IFC).
About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.
Contact: Andreas Moon, Managing Director and Head of Investor Relations, I Squared Capital, +1 (212) 339-5339, firstname.lastname@example.org