I Squared Capital-backed Cube Highways to acquire Chenani Nashri Tunnelway from IL&FS Transportation Network for $641m.

I Squared Capital-backed Cube Highways, a road and highway projects investor, agreed to acquire Chenani Nashri Tunnelway, an operating road tunnel in the union territory of Jammu and Kashmir, from IL&FS Transportation Network, a toll highways developer, for $641m. “We are pleased to add the first road tunnel asset to the Cube Highways portfolio. This investment expands Cube Highways’ geographic presence in North India and further reinforces the company’s leading position in the Indian highways sector. Operations and maintenance of this complex asset requires specialized technical capabilities and are a testament to the strength of Cube Highways’ in-house technical and project management expertise,” Gautam Bhandari, Cube Highways Director.