I Squared-backed Cube Highways completed the acquisition of nine operating roads from NHAI for $684m.

I Squared-backed Cube Highways, a Singapore-based company investing in road and highway projects, completed the acquisition of nine operating roads from National Highways Authority of India for $684m. "We are pleased to complete this landmark transaction, which comes close on the heels of the acquisitions of Farakka-Raiganj Highway and KNR Walayar Tollways, reinforcing our position as the leading owner-operator of toll-roads in the Indian Highways sector. Completing the financial closure during the Covid-19 pandemic is a testament to the capabilities of the Cube Highways team and the strength of the Cube Highways platform. This is a defining transaction for transportation Public Private Partnerships globally and highlights the leadership that NHAI has demonstrated in implementing innovative frameworks for private sector participation through the BOT, HAM and now the TOT models," Gautam Bhandari, I Squared Capital Managing Partner.