Cube Highways signs up with BRNL for transfer of NH-34 segment

Kolkata-based Bharat Road Network Limited (BRNL), a leading road build-operate-transfer (BOT) developer, along with its partners, has signed an agreement with Cube Highways, a portfolio company of I Squared Capital, for the complete transfer of ownership in an operating toll road project in Uttar Pradesh. BRNL currently holds 39% stake in this project.

The transaction is done at an enterprise value of up to Rs 1,600 crore.

The Share Purchase Agreement provides for the sale of the entire stake in Ghaziabad Aligarh Expressway Private Limited, the special purpose vehicle (SPV) engaged in the development, operation and maintenance of a 126 km toll road project from Ghaziabad to Aligarh on National Highway 34. The project has been granted a 24-year concession in 2011 for strengthening and widening the two-lane highway. Toll collection on this road began in June 2015.

BRNL is involved in the development, operation and maintenance of national and state highways, with a project portfolio of Rs 7,000 crores consisting of six operational BOT projects, covering 2,095 lane km across six states━Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra, and Odisha.

Cube Highways and Infrastructure Pte Ltd is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India.

Written from a news release

Image: A section of the Ghaziabad-Aligarh Expressway.