Mumbai: Cube Highways and Infrastructure, the Indian roads and highways platform of global infrastructure fund I Squared Capital through its ISQ Global Infrastructure Fund II, on Thursday said that it has entered into an agreement with Reliance Infrastructure Ltd to acquire 100% stake of DA Toll Road Private Limited (DATRPL), a toll road in the state of Haryana/Uttar Pradesh, India.
Following the transaction, the Cube Highways portfolio will have over 4,500 lane-kilometers of highways across India, the statement said. Financial details of the transaction were not disclosed.
DATRPL operates the 180-kilometer, six-lane toll road connecting the national capital, Delhi, with Agra on National Highway (NH) 2. The road is a 26-year concession granted in 2010 for strengthening and widening the four-lane highway to a six-lane configuration and began collecting tolls in October 2012.
“We are pleased to expand our presence in the Indian highway sector with the acquisition of another quality asset. This investment reinforces Cube Highways’ position as a leading player in the Indian highway sector and furthers its disciplined growth plan of acquiring strategically located roads from leading construction companies and developers,” said Gautam Bhandari, Director of Cube Highways and Partner, I Squared Capital. The completion of the transaction is contingent upon fulfilment of regulatory and lender approvals.
“DATRPL forms a core part of NH 2, a main artery of the national highways network connecting North to East and Central India. The road has robust growth potential as it connects major industrial and tourist centers in North India including Delhi, Faridabad, Mathura and Agra. We anticipate even further growth following completion the entire NH 2 road project,” said Dr. Harikishan Reddy, CEO of Cube Highways Advisors.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.
