Cube Highways to sell road assets through InvIT

02 Mar 2021 Editorial Team

The move comes after the Centre removed the tax barrier for private placement of InvITs in the Budget 2021, putting them at par with publicly listed ones. However, the proposal to tax dividends in the hands of unitholders of trusts and the resultant double taxation has brought down the attractiveness of existing and planned InvITs and real estate investment trusts (REITS).

The company will hive off its operational assets into an InvIT and place it privately with other investors, sources told the media. Cube is exploring a valuation of around $2.5 billion for the InvITE, said the sources.

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

The Cube Highways InviT will consist of the toll-operate-transfer (TOT) assets that it secured from the National Highways Authority of India (NHAI) last year for $683 million.

Finance minister Nirmala Sitharaman had modified the definition of business trusts and included unlisted private trusts in the tax exemption bracket in the budget.

Cube Highways has 28 road projects or over 8,600 km of highways across India under the TOT, annuity and direct ownership. It has invested over $3 billion in India's road infrastructure so far.

The TOT bundle it acquired last year from NHAI includes nine stretches of road totalling 566.27 km across Tamil Nadu, Jharkhand, Uttar Pradesh, and Bihar.

The government introduced the TOT model in 2016, allowing it to monetise public funded infrastructure and develop new assets.

Cube is backed by Singapore based global infrastructure fund—I Squared Capital, spun off from Morgan Stanley's infrastructure investment team.

Image Source

Also read: Cube Highways takes over another project

Singapore based investment company, Cube Highways and Transport Assets Advisors Private Ltd is in initial talks with investors, including Abu Dhabi Investment Authority (ADIA), Caisse de dépôt et placement du Québec (CDPQ), and Ontario Teachers' Pension Plan Board to sell a part of its operational road assets through an infrastructure investment trust (InvIT). The move comes after the Centre removed the tax barrier for private placement of InvITs in the Budget 2021, putting them at par with publicly listed ones. However, the proposal to tax dividends in the hands of unitholders of trusts and the resultant double taxation has brought down the attractiveness of existing and planned InvITs and real estate investment trusts (REITS). The company will hive off its operational assets into an InvIT and place it privately with other investors, sources told the media. Cube is exploring a valuation of around $2.5 billion for the InvITE, said the sources.4th Indian Cement Review Conference 202117-18 March Click for event infoThe Cube Highways InviT will consist of the toll-operate-transfer (TOT) assets that it secured from the National Highways Authority of India (NHAI) last year for $683 million. Finance minister Nirmala Sitharaman had modified the definition of business trusts and included unlisted private trusts in the tax exemption bracket in the budget. Cube Highways has 28 road projects or over 8,600 km of highways across India under the TOT, annuity and direct ownership. It has invested over $3 billion in India's road infrastructure so far. The TOT bundle it acquired last year from NHAI includes nine stretches of road totalling 566.27 km across Tamil Nadu, Jharkhand, Uttar Pradesh, and Bihar. The government introduced the TOT model in 2016, allowing it to monetise public funded infrastructure and develop new assets. Cube is backed by Singapore based global infrastructure fund—I Squared Capital, spun off from Morgan Stanley's infrastructure investment team. Image Source Also read: Cube Highways takes over another project

Infrastructure Urban

07 Nov 2025

Welspun Enterprises Wins 910 MLD Panjrapur WTP Contract

Welspun Enterprises (WEL), the infrastructure and energy arm of Welspun World, has secured a major contract from the Brihanmumbai Municipal Corporation (BMC) to design, build and operate a 910 million litres per day (MLD) Water Treatment Plant (WTP) at Panjrapur, Maharashtra.Valued at approximately Rs 31.45 billion, the project encompasses end-to-end civil, mechanical, electrical and instrumentation works, including the construction of a treated water sump and pumping station. Of the total value, nearly Rs 11.56 billion is allocated to Operations & Maintenance (O&M), with an additional..

Infrastructure Energy

07 Nov 2025

Mitsubishi Power Wins Boiler Upgrade Contract for O Mon 1 Plant

Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, (MHI), has been awarded a contract to support the oil-to-natural-gas fuel conversion at the O Mon 1 Thermal Power Plant in Can Tho, southern Vietnam. As the OEM of the plant’s existing boiler, Mitsubishi Power will supply key equipment—including new gas burners—and implement a selective catalytic reduction (SCR) system to reduce NOx emissions and help the plant meet stricter environmental standards.The O Mon 1 facility includes two 330 MW units that commenced operations in 2009 and 2015, with all major equipment or..

Equipment

07 Nov 2025

Liebherr’s 10,000th XPower Wheel Loader Joins BERGER’s Fleet

BERGER Rohstoffe GmbH has welcomed the 10,000th Liebherr XPower wheel loader to its operations at the Schlag granite quarry in Passau. The milestone machine, officially handed over at Liebherr’s Bischofshofen plant in May 2025, underscores the long-standing partnership between BERGER, Liebherr, and the Beutlhauser Group. Equipped with Liebherr’s signature power-split travel drive, the new L 580 XPower is already delivering strong results under demanding quarry conditions.At the Schlag quarry, BERGER Rohstoffe processes approximately 200,000 tonnes of Bayerwald granite annually into high-qu..