Cube Highways to acquire Ghaziabad Aligarh Expressway

01 Apr, 2021

SINGAPORE, April 1, 2021 Cube Highways and Infrastructure Pte. Ltd., a portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund I, has entered into an agreement to acquire a 100 percent stake of Ghaziabad Aligarh Expressway Private Limited (GAEPL), an operating toll road in the state of Uttar Pradesh, India. GAEPL further expands Cube Highways’ geographic presence in North India and diversifies the traffic flows for the portfolio.

GAEPL forms a part of NH 34, a main artery of the national highways connecting North to Central India and operates a 126-kilometer toll road connecting Ghaziabad with Aligarh. The road is a 24-year concession granted in 2011 for strengthening and widening the two-lane highway and began collecting tolls in June 2015. The road has robust growth potential as it connects major industrial and population centers of North India including, Meerut, Ghaziabad, Aligarh and Kanpur.

“We are pleased to add yet another high-quality asset to the Cube Highways portfolio. The road has shown a healthy recovery of traffic following the lockdown, underscoring its strategic location in North India. Cube Highways has been the most active investor in Indian roads sector in the last 12 months. and now has unmatched scale and capabilities in the country,” said Gautam Bhandari, Managing Partner at I Squared Capital.

“Indian highways continue to present a significant investment opportunity with strong fundamentals and secular growth trends backed by stable, time-tested regulations. We will continue to build the Cube Highways portfolio through disciplined selection of assets and industry-leading operations and maintenance practices.” said Harsh Agrawal, Partner at I Squared Capital.

Including this transaction, and assets under various stages of closing, the Cube Highways group has a portfolio of 28 highways with nearly 8,900 lane-kilometers across India. The completion of the transaction is contingent upon fulfilment of certain customary regulatory and lender approvals.

About Cube Highways: Cube Highways and Infrastructure 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, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, International Finance Corporation, and a consortium of Japanese investors including Mitsubishi Corporation, Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development, East Nippon Expressway Company Ltd and Japan Expressway Company International Ltd.

Contact: George Currie, Director, Cube Highways, +65 6206-6973, and

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