Cube Nears Rs 40 Billion Deal for Athaang Road Assets

05 Sep 2024 CW Team

Cube Highways, one of India?s largest private sector toll road operators, is likely to acquire the road assets of National Investment and Infrastructure Fund?s (NIIF) Athaang Infrastructure, according to two informed sources. The deal is projected to have an equity value of approximately Rs 40 billion.

Canada Pension Plan Investment Board (CPPIB), the other finalist, also submitted a binding bid for the deal managed by JP Morgan. Cube Highways is expected to be granted exclusivity to finalize the acquisition of a portfolio consisting of five road assets totalling 230 km.

Earlier reports from Mint had indicated that CPPIB and Cube Highways were the final contenders and were anticipated to submit their final binding bids.

One of the sources noted that both Cube Highways and CPPIB had made binding bids, and Cube Highways had emerged as the leading candidate. The intention is now to provide Cube Highways with exclusivity to conclude the transaction.

Approximately ten global and domestic infrastructure funds, including CPPIB, KKR, Spain?s Abertis, France?s Vinci Highways, Edelweiss? Sekura Roads, and Caisse de d?p?t et placement du Qu?bec (CDPQ), have signed non-disclosure agreements (NDAs) for the deal.

Spokespersons for CPPIB and JP Morgan declined to comment, while representatives from NIIF and Cube Highways did not respond to emailed inquiries on Monday evening.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..