06 Jun, 2016
SINGAPORE, JUNE 06, 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 the completion of two acquisitions, a 74 percent interest in Madhucon Agra Jaipur Expressways Ltd. (MAJEL) and 100 percent of Western UP Tollway Ltd. (WUPTL). Acquisition of the remaining 26 percent of MAJEL is subject to approval from the National Highways Authority of India (NHAI). These acquisitions expand the Cube Highways portfolio to nearly 1,000 lane-kilometers of highways in India.
“We look forward to increasing our participation in the Indian highways sector, especially against the backdrop of recent positive policy changes implemented by the NHAI, and are keen to acquire transportation assets that fit our investment strategy,” said Gautam Bhandari, Director of Cube Highways and Partner of I Squared Capital. “We continue in active discussions for controlling stakes in carefully selected transportation assets.”
MAJEL operates a 57 kilometer, four-lane section of National Highway (NH) 11 in the state of Rajasthan and is contiguous with Cube Highways’ existing investment in the 109 kilometer Jaipur Mahua Tollway Pvt. Ltd (JMTPL). MAJEL has been operating since May 2009 and has more than 15 years of concession life remaining. WUPTL operates a 77.8 kilometer, four-lane section of NH58 and has been operational since April 2011. NH-58 connects the National Capital Region (NCR) of Delhi to popular tourist destinations in Western Uttar Pradesh and Uttarakhand and serves as an important link for construction materials for the Delhi NCR region.
“Cube Highways is excited to acquire these roads. Our centralized remote monitoring center and in-house Operations and Maintenance team have taken over the assets. In addition, our dedicated Environmental and Social team is extending its community development and environmental initiatives at the roads, including encouraging renewable energy by installing captive rooftop solar power plants, educating local youth through computer literacy programs and planting vegetative noise barriers at sensitive areas.” said Dr. Harikishan Reddy, CEO of Cube Highways Advisors.
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, andreas.moon@isquaredcapital.com