New Delhi: Cube Highways Trust has signed share purchase agreements (SPAs) to acquire three road assets from the National Investment and Infrastructure Fund’s (NIIF) Athaang Infrastructure for an enterprise value of $725 million.
Mint had earlier reported that Cube Highways, one of India’s largest private toll road operators, was the frontrunner to acquire these assets from NIIF’s Athaang Infrastructure.
In a filing to the exchanges on Saturday, Cube Highways Fund Advisors Private Ltd said, “Cube InvIT has signed Share Purchase Agreements (“SPA”) with NIIF on 7 February 2025 for the proposed acquisition of 100% (one hundred per cent) stake (shareholder debt, if applicable, and equity capital) in: a) Quazigund Expressway Private Limited; and b) Athaang Jammu Udhampur Highway Private Ltd.”
Along with the 16.26 km Quazigund Expressway and the 64.57 km Athaang Jammu Udhampur Highway, Cube has also signed an SPA for the 22 km Devanahalli Tollway in Karnataka.
“While Athaang’ portfolio comprising of five road assets totaling 230 km was earlier part of the sale process run by JP Morgan; the 73 km Kashi tollway in Uttar Pradesh, and 60 km Dichpally tollway in Telangana are not part of the deal, and have been retained by NIIF,” said a person aware of the development requesting anonymity.
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Cube Highways Trust is an infrastructure investment trust (InvIT), which manages income-generating infrastructure assets. InvITs offer investors a liquid and regulated mechanism to invest in infrastructure projects while ensuring regular returns.
Queries sent to NIIF, Cube Highways, and JP Morgan spokespersons on Saturday wasn’t immediately answered.
Canada Pension Plan Investment Board (CPPIB) and Macquarie Infrastructure and Real Assets (MIRA) were the other final bidders in fray, and had submitted the binding bids for the deal.
Investor confidence in India’s road sector remains strong. While the national highway network spans 146,195 km—only 2% of the country’s total road network—it carries nearly 40% of India’s freight traffic. The Union Budget for FY26 has earmarked a record ₹11.21 trillion for capital expenditure, with the Ministry of Road Transport and Highways receiving ₹2.87 trillion.
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Cube Highways, a Singapore-based infrastructure firm, operates highways spanning 8,400 lane km in India. Its investors include I Squared Capital, Abu Dhabi Investment Authority, International Finance Corp., Mitsubishi Corp., Japan Overseas Infrastructure Investment Corp. for Transport and Urban Development, East Nippon Expressway Co. Ltd, and Japan Expressway Co. International Ltd.
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NIIF is sponsored by the Indian government, which holds a 49% interest in it. It primarily focuses on investing in core infrastructure sectors, such as transportation, airports, ports, logistics and roads, green energy and digital. It manages around $5 billion of equity capital commitments across its four funds—Master Fund, Private Markets Fund, Strategic Opportunities Fund, and India-Japan Fund —with investments in sectors such as ports and logistics, renewable energy, roads, digital infrastructure, and manufacturing.
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