I Squared-backed Cube Highways completed the acquisition of DA Toll Road from Reliance for $492m.

I Squared-backed Cube Highways, a Singapore-based company investing in road and highway projects, completed the acquisition of DA Toll Road, which operates the 180-kilometer, six-lane toll road connecting the national capital, Delhi, with Agra, from Reliance, an Indian multinational conglomerate company, for $492m. "This opportunistic transaction further solidifies Cube Highways’ position as one of the most active investors in the Indian roads sector through the economic dislocation in 2020. This transaction highlights the stringent underwriting standards at Cube Highways and the platform’s focus on acquiring fundamentally strong assets that offer superior risk-adjusted returns in the long-term. Cube Highways is now a partner of choice for all leading Indian infrastructure road construction companies that seek to monetize their assets," Gautam Bhandari, I Squared Capital Managing Partner.