Cube Highways Trust secures Rs 1,030 cr funding

Cube Highways Trust (Cube InvIT) on Thursday said it has secured Rs 1,030 crore funding from International Finance Corporation (IFC). The funds raised through this deal will be utilised for a special purpose vehicle (SPV) owned by Cube InvIT.

The transaction was finalised on Wednesday, it said in a regulatory statement. “Cube InvIT successfully secured Rs 1,030 crore through long-term listed non convertible debentures (NCDs) from the International Finance Corporation (IFC),” it said. Cube Highways Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 kilometres. These road assets are located across 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal, the statement said.

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Cube Highways Trust is engaged in implementing the public-private partnership (PPP) model in the country’s highways sector to operate and manage highway projects in association with the Centre and state governments. It is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Abu Dhabi’s sovereign investor Mubadala Investment Company, and Japan Highways International BV.