SINGAPORE--(BUSINESS WIRE)--Cube Highways and Infrastructure Pte. Ltd. (Cube Highways), a portfolio company of I Squared Capital and the International Finance Corporation (IFC), has completed its acquisition of a 100 percent ownership interest in Andhra Pradesh Expressways Limited (APEL), an operating annuity road project, from IL&FS Transport Networks Ltd. (ITNL).
“We are excited to add this high-quality, AAA-rated annuity road asset to our existing portfolio of roads in India. APEL receives fixed semi-annual payments from National Highway Authority of India (NHAI) with no exposure to volatility in traffic volumes, and is a strategic addition to Cube Highways’ existing portfolio of toll roads,” said Gautam Bhandari, Director of Cube Highways and Partner of I Squared Capital. “We continue to evaluate and acquire select operating highway and transportation assets in India, especially following the positive reforms undertaken by NHAI and the Ministry of Road Transport and Highways.”
APEL operates a 75-kilometer, four-lane road stretch on NH-44 (formerly NH-7) between the states of Andhra Pradesh and Telangana, connecting the towns of Kurnool and Kothakota. APEL is a mature highway asset with more than seven years of operating history.
“This acquisition diversifies Cube Highways’ presence in India and expands the existing portfolio to nearly 1,300 lane-kilometers. Cube Highways Advisors supports the portfolio with an experienced team of over 125 engineers and highway specialists. Our dedicated Environmental and Social team has undertaken various initiatives along our road projects, such as installing rooftop solar, enhancing road safety and education programs for underprivileged youth. We look forward to expanding these initiatives to APEL,” 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 the Americas, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.