Cube Highways Expands with a Rs 7.17 Bn Infra Move

13 Feb 2025 CW Team

In a significant expansion drive, Cube Highways Trust has completed the 100% acquisition of N.A.M. Expressway Limited for Rs 7.17 billion, following the Share Purchase Agreement signed on June 4, 2024. This acquisition reinforces Cube Highways' dominance in India's roads and highways sector.

Company Overview

Cube Highways Trust is a SEBI-registered Infrastructure Investment Trust (InvIT), specialising in road infrastructure projects. It is one of India’s largest InvITs, managing 25 road assets across 12 states.

Business Operations & Revenue Model

The company operates a total road length of 1,940 km with 8,450 lane km and 27 toll plazas. Revenue sources include:

Toll collections: 79%
Annuity-based payments: 21%

Cube Highways continues to expand through strategic acquisitions, with the N.A.M. Expressway deal marking another milestone in its growth trajectory.

Expanding Road Asset Portfolio

Cube Highways’ extensive Build-Operate-Transfer (BOT) projects include:

Jaipur Mahua Tollway
Western UP Tollway
Nelamangala Devihalli Expressway

Additionally, its annuity-based assets feature:

Andhra Pradesh Expressway
Mangalwedha Solapur Highways

Global Backing & Investment Strategy

The company is backed by renowned global investors, including:

I Squared Capital
Abu Dhabi Investment Authority (ADIA)
British Columbia Investment Management Corporation
Mubadala Investment Company

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