Cube InvIT and NIIF Strike Mega Road Asset Deal

Cube Highways Trust has entered into a significant agreement with NIIF to acquire a full stake in two road projects for Rs 4,184.7 crore. This acquisition aligns with Cube InvIT's strategy to expand its portfolio with valuable assets. The deal includes Quazigund Expressway and Athaang Jammu Udhampur Highway.

Cube Highways Trust, also known as Cube InvIT, has announced a landmark agreement with the National Investment and Infrastructure Fund (NIIF) to acquire full ownership of two major road assets for an enterprise value of Rs 4,184.7 crore. This strategic move boasts of strengthening Cube InvIT's existing portfolio by integrating these high-quality infrastructures, as revealed through an exchange filing released on Saturday.

Under the agreement, Cube InvIT will secure 100 percent stake inclusive of any applicable shareholder debt and equity capital in the Quazigund Expressway and Athaang Jammu Udhampur Highway projects, per the Share Purchase Agreements (SPA) signed on February 7. The completion of this all-cash acquisition hinges on satisfying customary conditions and closing requirements specified within the SPA, indicating prior adjustments to the estimated enterprise value.

Significantly located in Jammu and Kashmir, the Quazigund Expressway is recognized as one of India's longest bi-directional tunnels, while the Athaang Jammu Udhampur Highway serves as a crucial route connecting Jammu with Srinagar, reinforcing the strategic importance and potential enhancements for Cube InvIT's infrastructure portfolio.

(With inputs from agencies.)