NIIF Transfers Rs 41.9 Billion Road Assets to Cube InvIT

16 Jun 2025 CW Team

The two road assets—Quazigund Expressway Pvt. Ltd. (QB) and Athaang Jammu Udhampur Highway Pvt. Ltd. (JU)—cover nearly 80 kilometres in Jammu and Kashmir. QB includes one of India’s longest bi-directional tunnels, while JU serves as a critical arterial route connecting Jammu and Srinagar.

These projects are backed by fixed semi-annual annuity payments from the National Highways Authority of India (NHAI), offering predictable, traffic-insulated revenue for over six more years. Cube InvIT expects the transaction to enhance its net distributable cash flows by approximately Rs 2.3 per unit annually over the next five years.

Vinay C. Sekar, CEO of Cube InvIT, noted that this acquisition adds high-quality annuity assets to their pan-India portfolio, aligning with their strategy of acquiring de-risked, stable cash-flow projects. Post-transaction, annuity-based revenue will comprise 33 per cent of Cube InvIT’s total income.

Pankaj Vasani, Group CFO of Cube InvIT, highlighted that the Trust maintains a strong financial position with a Net Debt to AUM ratio of around 49 per cent and a AAA credit rating from CRISIL, ICRA, and India Ratings, enabling further value-accretive growth.

Vinod Giri, Managing Partner at NIIF, stated that the transaction reflects NIIF’s strategy of acquiring and de-risking large infrastructure assets through its roads platform Athaang, improving their credit profiles and delivering attractive returns to institutional investors.

This deal exemplifies growing confidence in India’s infrastructure investment landscape, showcasing effective collaboration between sovereign-backed funds and private institutional platforms.

The National Investment and Infrastructure Fund (NIIF) has successfully transferred ownership of two operational annuity-based road projects to Cube Highways Trust (Cube InvIT), managed by Cube Highways Fund Advisors Pvt. Ltd. The deal marks a strategic shift of approximately Rs 41.9 billion (including cash), subject to final closing adjustments, further strengthening Cube InvIT’s high-quality infrastructure portfolio.The two road assets—Quazigund Expressway Pvt. Ltd. (QB) and Athaang Jammu Udhampur Highway Pvt. Ltd. (JU)—cover nearly 80 kilometres in Jammu and Kashmir. QB includes one of India’s longest bi-directional tunnels, while JU serves as a critical arterial route connecting Jammu and Srinagar.These projects are backed by fixed semi-annual annuity payments from the National Highways Authority of India (NHAI), offering predictable, traffic-insulated revenue for over six more years. Cube InvIT expects the transaction to enhance its net distributable cash flows by approximately Rs 2.3 per unit annually over the next five years.Vinay C. Sekar, CEO of Cube InvIT, noted that this acquisition adds high-quality annuity assets to their pan-India portfolio, aligning with their strategy of acquiring de-risked, stable cash-flow projects. Post-transaction, annuity-based revenue will comprise 33 per cent of Cube InvIT’s total income.Pankaj Vasani, Group CFO of Cube InvIT, highlighted that the Trust maintains a strong financial position with a Net Debt to AUM ratio of around 49 per cent and a AAA credit rating from CRISIL, ICRA, and India Ratings, enabling further value-accretive growth.Vinod Giri, Managing Partner at NIIF, stated that the transaction reflects NIIF’s strategy of acquiring and de-risking large infrastructure assets through its roads platform Athaang, improving their credit profiles and delivering attractive returns to institutional investors.This deal exemplifies growing confidence in India’s infrastructure investment landscape, showcasing effective collaboration between sovereign-backed funds and private institutional platforms.

Infrastructure Urban

17 Sep 2025

ICMM CEO Rohitesh Dhawan Visits Hindustan Zinc

Hindustan Zinc, India’s only and the world’s largest integrated zinc producer, hosted Rohitesh Dhawan, President & CEO of the International Council on Mining and Metals (ICMM), at its flagship Sindesar Khurd Mine (SKM) in Rajasthan. The visit follows Hindustan Zinc’s induction as the first Indian company into ICMM, marking a significant milestone for India’s mining sector on the global sustainability stage.Dhawan, accompanied by run Misra, CEO of Hindustan Zinc, and the senior leadership team, toured Sindesar Khurd Mine – the world’s fourth-largest silver-producing mine – to ..

Infrastructure Urban

17 Sep 2025

Amit Gupta Appointed CFO of Vedanta Jharsuguda Unit

Vedanta Aluminium has announced the appointment of Amit Gupta as Deputy Chief Financial Officer of its aluminium business and Chief Financial Officer of its Jharsuguda unit in Odisha.Gupta has been associated with the Vedanta Group since 2018, beginning as Group Head – FP&A at Vedanta Resources. With over two decades of cross-sector experience, he brings strong expertise in financial strategy, project finance, and business transformation.Prior to this role, he served as CFO of Bharat Aluminium Company (BALCO), where he led finance operations for more than four years. He has also held sen..

Infrastructure Energy

17 Sep 2025

Adani Power To Build 2,400 MW Plant in Bihar

Adani Power on Saturday (September 13, 2025) announced plans to set up a 2,400 MW ultra super-critical power plant in Bihar at an investment of $3 billion (around Rs 26.48 billion).The company has signed a 25-year Power Supply Agreement (PSA) with Bihar State Power Generation Company Ltd (BSPGCL) to supply electricity from the project, which will be located at Pirpainti in Bhagalpur district.The PSA follows a Letter of Award issued by BSPGCL to Adani Power on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL) in August. Adani P..