Cube Highways raises Rs 4,500 cr for first InvIT

03 Apr 2023 CW Team

A few domestic institutions, including Larsen & Toubro's treasury operations and the SBI Mutual Fund, have also participated in the fundraising, according to people who spoke on the condition of anonymity.

Cube Highways Trust, the InvIT established by Cube Highways, consists of 19 road assets totaling 1,636.5 km in 11 Indian states. The portfolio had a weighted average residual concession life of 21.8 years and an average operating history of 7.5 years as of March 31, 2022.

The portfolio reported revenue of ₹2,268.3 crore in FY22, growing from ₹1,828.5 crore in FY21.

"Bulk of the funds has come from British Columbia and Mubadala, while L&T and SBI MF and some other domestic investors have written smaller cheques. Securities and Exchange Board of India's InvIT rules require at least five public shareholders and the domestic institutions have been brought in to meet that requirement," said one of the people. "This is the biggest portfolio of road assets to be put under the InvIT structure so far in India. Cube filed a placement document (offer document) with Sebi earlier this week. Funds will be used to repay asset-level loans taken from financial institutions as well as loans made to these assets by Cube."

According to him, the InvIT will have first dibs on up to six more road projects.

According to a draft offer document filed by Cube Highways Trust last year, the InvIT intends to use up to 4,315 crore for debt repayment and prepayment. According to the offer document, a portion of the funds will also be used for "providing loans to certain initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, obtained by them from certain banks and financial institutions and the Cube Group."

According to the draught prospectus, the portfolio of 19 assets has a total debt of 18,190 crore.

Also Read
Magicbricks: Indian housing demand increased 14% from January to March
40% of registered apartments in Noida receives completion certificates

According to two sources, I Squared Capital-backed roads platform Cube Highways has raised Rs 4,500 crore for its first infrastructure investment trust (InvIT) from Canada's British Columbia Investment Management Corp and Abu Dhabi's state-owned investment firm Mubadala. A few domestic institutions, including Larsen & Toubro's treasury operations and the SBI Mutual Fund, have also participated in the fundraising, according to people who spoke on the condition of anonymity. Cube Highways Trust, the InvIT established by Cube Highways, consists of 19 road assets totaling 1,636.5 km in 11 Indian states. The portfolio had a weighted average residual concession life of 21.8 years and an average operating history of 7.5 years as of March 31, 2022. The portfolio reported revenue of ₹2,268.3 crore in FY22, growing from ₹1,828.5 crore in FY21. Bulk of the funds has come from British Columbia and Mubadala, while L&T and SBI MF and some other domestic investors have written smaller cheques. Securities and Exchange Board of India's InvIT rules require at least five public shareholders and the domestic institutions have been brought in to meet that requirement, said one of the people. This is the biggest portfolio of road assets to be put under the InvIT structure so far in India. Cube filed a placement document (offer document) with Sebi earlier this week. Funds will be used to repay asset-level loans taken from financial institutions as well as loans made to these assets by Cube. According to him, the InvIT will have first dibs on up to six more road projects. According to a draft offer document filed by Cube Highways Trust last year, the InvIT intends to use up to 4,315 crore for debt repayment and prepayment. According to the offer document, a portion of the funds will also be used for providing loans to certain initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, obtained by them from certain banks and financial institutions and the Cube Group. According to the draught prospectus, the portfolio of 19 assets has a total debt of 18,190 crore. Also Read Magicbricks: Indian housing demand increased 14% from January to March 40% of registered apartments in Noida receives completion certificates

Infrastructure Urban

07 Oct 2025

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Infrastructure Transport

07 Oct 2025

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Infrastructure Transport

07 Oct 2025

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..