Cube Highways Signs an Agreement to Acquire a 100 Percent Ownership in Madhucon Agra Jaipur Expressways Ltd, an Operating Toll Road in India

SINGAPORE--(Antara/BUSINESS WIRE)-- Cube Highways and Infrastructure Pte. Ltd. (Cube Highways) is pleased to announce that it has signed an agreement to acquire a 100 percent ownership interest in Madhucon Agra Jaipur Expressways Ltd (MAJEL), an operating toll road in India. This toll road operates a 57 kilometer stretch of National Highway (NH) 11 connecting the cities of Mahua and Bharatpur, and is contiguous to Cube Highway’s existing investment in Jaipur Mahua Tollways Pvt. Ltd. (JMTPL), which operates a 109 kilometer stretch of NH-11 between Jaipur and Mahua.

Once closed, this will be the second investment made by Cube Highways, I Squared Capital’s Indian toll road and transportation investment platform, in partnership with the International Finance Corporation (IFC), the private investment arm of the World Bank. “This acquisition underscores our belief in the Indian toll road sector and is consistent with our strategy of adding carefully selected, high quality assets to our professionally managed road platform,” said Gautam Bhandari, Director at Cube Highways. “We are in active discussions on multiple acquisition opportunities as we continue to add scale to our portfolio of transport concessions in India.”

The initial acquisition will be for a 74 percent ownership interest, with the remaining 26 percent subject to approval from the National Highways Authority of India (NHAI). The road operates under a 25-year concession and has been operational since May 2009, with more than six years of traffic and tolling history. NH-11 connects important tourist centers of Jaipur and Agra in north India, and forms the southern arm of the “Golden Triangle” between Delhi, Agra and Jaipur.

Harikishan Reddy, CEO of Cube Highways Advisors, added “This acquisition enables Cube Highways to operate a contiguous 166 kilometer stretch of NH-11, and will result in significant operational synergies with Cube Highways’ existing investment in JMTPL. Traffic on this corridor continues to demonstrate healthy growth as it benefits from the growing economies of two large urban centers, Agra and Jaipur.”

About Cube Highways: Cube Highways and Infrastructure Pte. Ltd. (Cube Highways) is a Singapore based company investing in road and highway projects, along with select other infrastructure sectors in India. Cube Highways is an independent, professionally-managed platform that leverages the extensive transportation experience of its management and execution teams. Cube Highways was formed by two leading global financial institutions, I Squared Capital and the International Finance Corporation (IFC).

About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, and transport in North America, Europe, and select high growth economies. The Firm has offices in New York, Houston, London, New Delhi, Hong Kong and Singapore.

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Contacts

I Squared Capital
Andreas Moon, +1 (212) 339-5339
Principal and Head of Investor Relations
andreas.moon@isquaredcapital.com

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