SINGAPORE--(BUSINESS WIRE)--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. Following the transaction, the Cube Highways group portfolio will have over 5,000 lane-kilometers of highways across India, including the assets under various stages of closing.
GAEPL operates a 126-kilometer toll road connecting Ghaziabad with Aligarh on National Highway (NH) 34. 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.
“We are pleased to add yet another high-quality asset to the Cube Highways portfolio. With this acquisition, Cube Highways firmly reinforces its pre-eminent position in the Indian Highways sector,” said Gautam Bhandari, Director of Cube Highways and Managing Partner at I Squared Capital. “GAEPL forms a part of NH 34, a main artery of the national highways connecting North to Central India. The road has robust growth potential as it connects major industrial and population centers of North India including, Meerut, Ghaziabad, Aligarh and Kanpur.”
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.