Cube Highways sells minority stake to ADIA unit

Cube Highways and Infrastructure Private Limited, a road platform formed by I Squared Capital and the World Bank’s International Finance Corporation, has signed definitive agreements for a minority stake sale to sovereign wealth fund Abu Dhabi Investment Authority. Currently, Cube Highways owns and operates more than 1,300 lane km of highways in India and manages a diverse portfolio of toll- and annuity-based roads. Further, the existing shareholders of the company plan to invest up to $1 billion in new capital towards the acquisition of additional roads and highways, and investments in areas such as NHAI’s toll-operate-transfer programme, hybrid annuity model projects, etc.