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 Transport

07 Aug 2026

Government Plans Rs 450 bn Rail Investment Along Borders

The government plans to invest Rs 450 bn to upgrade railways along borders with China, Pakistan and Bangladesh, the press release said. The programme will run over 18 to 24 months and will finance new tracks, platforms and network strengthening across Punjab, West Bengal, Himachal Pradesh, Rajasthan, Assam and several northeastern states. That is about $4.7 bn. Officials indicated the initiative represents nearly 22 per cent of all railway infrastructure outlay planned over the next two years and is among the most significant strategic infrastructure pushes in recent years. The plan extends be..

Infrastructure Transport

07 Aug 2026

Indian Railways Approves Daily Express Between Mumbai CSMT And Sawantwadi Road

Indian Railways has approved a new daily express service between Chhatrapati Shivaji Maharaj Terminus (CSMT), Mumbai, and Sawantwadi Road to boost rail connectivity across Maharashtra and the Konkan region. The service will operate over a 510-km route and will run daily as Train No. 15087 CSMT–Sawantwadi Road Express and Train No. 15088 Sawantwadi Road–CSMT Express. It is intended to provide direct and reliable rail connectivity for passengers travelling for tourism, education, employment and business. The Ministry of Railways said the move forms part of ongoing efforts to expand passenger..

Infrastructure Urban

07 Aug 2026

SECR Invites Rs 4550.2 mn EPC Tender For Chhattisgarh Line

South East Central Railway (SECR) has invited bids for an engineering, procurement and construction (EPC) contract worth Rs 4550.2 mn for a section of the Dallirajhara-Rowghat-Jagdalpur New Railway Line in Chhattisgarh. The contract covers a nearly 30 km stretch between Kurkanar and Bhanpuri and forms part of the larger corridor linking the mineral-rich Bastar region with the state rail network. The authority has positioned the package as a key link to improve passenger and freight movement within the region. Tender documents carry tender number CAO-C-BSP-26-27-14 and an earnest money deposit ..