A Japanese consortium led by Mitsubishi Corporation has picked up a 20% stake in Cube Highways and Infrastructure (Singapore) for US$385 million. The deal came shortly after Cube signed an agreement to acquire Salem Tollways and Kumarapalyam Tollways in Tamil Nadu state, and a month after it picked up a minority stake in an entity owned by sovereign wealth fund Abu Dhabi Investment Authority.
Singapore-based Cube was formed by financial institutions I Squared Capital and the International Finance Corporation and owns and operates four toll road projects in India – three build–operate–transfer (BOT) projects and one BOT (annuity) project – totalling over 1,300 lane kilometres of highways in the country. Cube acquired the four projects from the bidders that were initially granted the concession by the National Highways Authority of India.
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