Cube Highways is a Singapore based owner and operator of toll roads and highway concessions in India, backed by the infrastructure investor I Squared Capital. Its portfolio consists of revenue generating road assets across several states.
Ownership and structure
Cube Highways is a Singapore based, fully institutionally owned road platform backed by I Squared Capital, an Abu Dhabi Investment Authority entity and a Mitsubishi Corporation led Japanese consortium, and it sponsors the Cube Highways Trust InvIT in India.
What India does for Cube Highways
India is the entire business of Cube Highways, which owns and operates 27 toll and annuity road assets covering about 8,400 lane kilometres.
Investment and deals
In October 2020 Cube Highways paid NHAI an upfront Rs 5,011 crore for the third toll operate transfer bundle of highways.
Cube Highways's India business
Cube Highways owns 27 road assets in India. Its portfolio covers about 8,400 lane kilometres.
Its project companies include Jaipur Mahua Tollway and Mahua Bharatpur Expressways. I Squared Capital bought the 109 km Jaipur Mahua toll road on NH 11 in Rajasthan in December 2014.
Key moves in India
- 2014: I Squared Capital bought the 109 km Jaipur Mahua toll road in Rajasthan in December.
- 2017: An Abu Dhabi Investment Authority entity acquired a minority stake in Cube Highways in November.
- 2018: A Mitsubishi Corporation led Japanese consortium agreed in January to acquire a 20 percent stake.
- 2020: Cube Highways paid NHAI Rs 5,011 crore upfront for the third toll operate transfer bundle.
- 2021: It announced the acquisition of the Ghaziabad Aligarh Expressway in April.
- 2023: Cube Highways Trust listed in April and raised Rs 5,225.8 crore from investors including BCI and Mubadala for 18 road assets.
Where it operates
Cube Highways runs its India business from Noida. It also has a presence in Hyderabad.
At a glance
- Home country: Singapore
- Global headquarters: Singapore
- Sector: Infrastructure & Data Centres
- Business: Roads and highways
- Role of India: Investment portfolio
- India head office: Noida
- India offices: Noida, Hyderabad
- India headcount: Not available
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