Cube Highways Trust Files For Rs 50 Billion IPO

20 Mar 2026 CW Team

Under the offer-for-sale, current holders including Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company will offload units to new investors. Before the offer completes, the trust plans to acquire four additional highway and tunnel project special purpose vehicles through swap transactions, which will raise the portfolio to 31 road assets. The enlarged portfolio will cover 9,811 lane kilometres.

The trust reported assets under management of Rs 365.2 bn as of September 2025 and operates 27 road assets across 12 states and one union territory. Of these assets, 18 are toll roads, six follow hybrid annuity models and three are annuity assets. The portfolio also comprises nine Build, Operate, Transfer and Design, Build, Finance, Operate and Transfer assets and nine Toll, Operation, Maintenance and Transfer assets.

The InvIT is backed by Squared Capital, an arm of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Mubadala Investment Company. Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited and JM Financial are the book-running lead managers, with Axis Trustee Services appointed trustee. The conversion is expected to open pools of capital from select mutual funds, insurance companies and pension funds and follows a Rs 60 bn IPO by a National Highways Authority of India-sponsored trust earlier this month that attracted strong demand.

Cube Highways Trust has filed preliminary papers with markets regulator Sebi to raise Rs 50 billion (bn) through an initial public offering that will be carried out entirely as an offer-for-sale by existing shareholders. The documents stated that the InvIT is proposing conversion from a privately listed infrastructure investment trust to a public InvIT through the sale of units aggregating up to Rs 50 bn. The move is intended to widen the investor base beyond private capital. Under the offer-for-sale, current holders including Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company will offload units to new investors. Before the offer completes, the trust plans to acquire four additional highway and tunnel project special purpose vehicles through swap transactions, which will raise the portfolio to 31 road assets. The enlarged portfolio will cover 9,811 lane kilometres. The trust reported assets under management of Rs 365.2 bn as of September 2025 and operates 27 road assets across 12 states and one union territory. Of these assets, 18 are toll roads, six follow hybrid annuity models and three are annuity assets. The portfolio also comprises nine Build, Operate, Transfer and Design, Build, Finance, Operate and Transfer assets and nine Toll, Operation, Maintenance and Transfer assets. The InvIT is backed by Squared Capital, an arm of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Mubadala Investment Company. Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited and JM Financial are the book-running lead managers, with Axis Trustee Services appointed trustee. The conversion is expected to open pools of capital from select mutual funds, insurance companies and pension funds and follows a Rs 60 bn IPO by a National Highways Authority of India-sponsored trust earlier this month that attracted strong demand.

Infrastructure Urban

20 Mar 2026

Lemon Tree Hotels Signs Resort In Lonavala Maharashtra

Lemon Tree Hotels Limited (LTHL) has signed a licence agreement for Lemon Tree Resort in Lonavala, Maharashtra, with the asset to be managed by Carnation Hotels Private Limited, a wholly owned subsidiary of LTHL. The resort will offer 50 well appointed rooms and will include a restaurant, banquet, meeting room, swimming pool, spa and fitness centre. The company described the addition as part of its strategy to expand branded resort offerings in key getaway destinations. Lonavala, located in the Sahyadri hills, is a popular leisure destination in western India known for scenic landscapes and a ..

Infrastructure Urban

20 Mar 2026

Kalai Chettinad Art And Architecture Festival At The Lotus Palace

The Lotus Palace Chettinad will host Kalai, the Chettinad Art and Architecture Festival, a four-day, three-night immersive celebration of the artistic legacy of Chettinad from three to six April 2026. The event has been organised by Apeejay Surrendra Park Hotels Limited (ASPHL) and will take place across restored heritage properties in Chettinad. It will be designed to offer guests a layered experience of place, structure and story that connects art, architecture and living traditions. The festival aims to present a confluence of global influences and local aesthetics. Kalai has been curated i..

Infrastructure Energy

20 Mar 2026

SJVN Reaches One bn Units At 1,000 MW Bikaner Solar Project

SJVN Limited (SJVN) has reached a milestone with its 1,000 megawatt (MW) Bikaner Solar Power Project by generating one bn units of electricity on 20 March 2026. The achievement underscores the company's role in supplying clean and sustainable energy to the national grid. The generation milestone was recorded within months of the project commencing operations and highlights rapid performance from the new facility. The Bikaner project, located in Bikaner district of Rajasthan, has been developed and implemented by SJVN Green Energy Limited (SGEL) under the Central Public Sector Undertaking Schem..