Le Lézard
Classified in: Covid-19 virus
Subject: Merger/Acquisition

Cube Highways Acquires KNR Walayar Tollways


Cube Highways III, a portfolio company of I Squared Capital through its ISQ Global Infrastructure Fund II, has acquired 100 percent of KNR Walayar Tollways Private Limited (KWTPL), an operating toll road in the state of Kerala, India, from KNR Constructions Limited. Including this transaction, and assets under various stages of closing, the Cube Highways group has a portfolio of 27 highways with nearly 8,400 lane-kilometers across India.

KWTPL operates a 53.5-kilometer, four-lane toll road connecting Walayar, on the border of the southern Indian states of Tamil Nadu and Kerala, and Vadakkancherry in Kerala. Awarded as a 20-year concession in 2012 for strengthening and widening a two-lane highway to a four-lane configuration, the project has been operational since May 2015. Forming a critical part of National Highway-47, KWTPL lies on the arterial entry route into Kerala, connecting the major cities of Salem, Erode and Coimbatore in Tamil Nadu with Thrissur and Kochi in Kerala.

This transaction follows the acquisition of Farakka-Raiganj Highway last week and is the fourth asset acquisition of a highway from the KNR group.

"Despite the challenges of the Covid-19 pandemic, both parties worked constructively to restructure the transaction to achieve a win-win outcome for both parties," said Gautam Bhandari, Director of Cube Highways and Managing Partner of I Squared Capital. "As a repeat transaction with KNR Group, Cube Highways has once again demonstrated that it is the partner of choice for leading road construction companies and has cemented its position as the preeminent owner-operator of Indian Highways."

KWTPL expands Cube Highways' geographic presence to South India and diversifies the traffic flows for the portfolio. The road has seen a healthy recovery in commercial traffic between Tamil Nadu and Kerala following the lockdown.

About Cube Highways: Cube Highways and Infrastructure III Pte. Ltd. (Cube Highways) is a Singapore-based company investing in road and highway projects, along with other select infrastructure sectors in India. Cube Highways is an independent, professionally managed platform leveraging the extensive transportation experience of its management and execution advisory teams. Shareholders of Cube Highways are leading international investors including I Squared Capital and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.


These press releases may also interest you

at 19:35
Boat Rocker Media Inc. ("Boat Rocker" or the "Company") , an independent, integrated global entertainment company, today reported its financial results for the three months ended December 31, 2023 ("fourth quarter" or "Q4") and for the year ended...

at 18:45
The "Agricultural Sprayers - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering. The global market for Agricultural Sprayers estimated at US$2.4 Billion in the year 2023, is projected to reach a revised size of...

at 18:00
The "Prepaid Cards - Global Strategic Business Report" has been added to  ResearchAndMarkets.com's offering. The global market for Prepaid Cards estimated at US$2 Trillion in the year 2023, is projected to reach a revised size of US$4.1 Trillion by...

at 17:25
Five years after the transformational Merger with Randgold Resources, Barrick Gold Corporation has been restructured and repurposed as a modern mining business with a constantly replenished, global asset base of peerless quality, managed by a team...

at 17:15
The "Australia Plastic Packaging - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to  ResearchAndMarkets.com's offering. The Australia Plastic Packaging Market size estimated at USD 2.79...

at 17:05
Trinity Capital Inc.  ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth stage companies, today announced an adjustment to the conversion rate of its 6.00% Convertible Notes due 2025 (the "Convertible...



News published on and distributed by: