KUALA LUMPUR, Oct 20 -- Cube Mobility Investments Pte Ltd (Cube Highways) recently closed the acquisition of nine operating highway projects from the National Highways Authority of India for US$684 million. (US$1 = RM4.14)
The roads operate under the Toll-Operate-Transfer Model, which grants the right to collect tolls for 30 years on payment of an upfront consideration.
According to a statement, Cube Highways was awarded the project after emerging as the highest bidder in a public tender process.
In addition, Cube Highways will invest US$95 million for various improvements and capital expenditures, making it one of the largest foreign direct investments in the Indian roads sector.
The nine projects have an aggregate of 566 kilometres in a four-lane configuration across Tamil Nadu, Jharkhand, Uttar Pradesh and Bihar.
The roads increase the geographical diversity and average concession length of the Cube Highways portfolio.
The toll roads have seen a healthy recovery in traffic following the Covid-19 lockdowns, highlighting the vital role the portfolio roads offer in transportation of essential goods.
Cube Highways is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India. Its portfolio has 27 highways with nearly 8,400 lane-kilometres across India, including assets under various stages of closing.
-- BERNAMA
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