Cube InvIT Acquires 2 Road Assets for Rs 4,185 cr - NIIF Deal
Cube Highways Trust (Cube InvIT) has acquired two road assets from NIIF for Rs 4,185 crore. The acquisition includes the Quazigund Expressway and Athaang Jammu Udhampur Highway.
Photograph: Rupak De Chowdhuri/Reuters
New Delhi, Feb 8 (PTI) Cube Highways Trust (Cube InvIT) has signed an agreement with NIIF for the acquisition of 100 per cent stake in two road assets at an enterprise value of Rs 4,184.7 crore.
The proposed acquisition will optimally complement the existing portfolio of assets of Cube InvIT and fit in with its strategy of deploying its debt capacity to acquire high-quality assets, Cube InvIT said in an exchange filing on Saturday.
"Cube InvIT has signed Share Purchase Agreements (SPA) with NIIF on February 7 for the proposed acquisition of 100 per cent stake (shareholder debt, if applicable, and equity capital) in Quazigund Expressway (QB) and Athaang Jammu Udhampur Highway (JU)," it said.
The estimated enterprise value will be Rs 4,184.7 crore, subject to all other closing adjustments as specified in the SPA.
The all-cash acquisition is expected to be completed subject to the satisfaction of customary conditions precedent and closing conditions, as per the filing.
Located in Jammu and Kashmir, the assets cumulatively span around 80 km, it added.
QB is one of the longest bi-directional tunnels in India, while JU is an essential link between Jammu and Srinagar.
The proposed acquisition will optimally complement the existing portfolio of assets of Cube InvIT and fit in with its strategy of deploying its debt capacity to acquire high-quality assets, Cube InvIT said in an exchange filing on Saturday.
"Cube InvIT has signed Share Purchase Agreements (SPA) with NIIF on February 7 for the proposed acquisition of 100 per cent stake (shareholder debt, if applicable, and equity capital) in Quazigund Expressway (QB) and Athaang Jammu Udhampur Highway (JU)," it said.
The estimated enterprise value will be Rs 4,184.7 crore, subject to all other closing adjustments as specified in the SPA.
The all-cash acquisition is expected to be completed subject to the satisfaction of customary conditions precedent and closing conditions, as per the filing.
Located in Jammu and Kashmir, the assets cumulatively span around 80 km, it added.
QB is one of the longest bi-directional tunnels in India, while JU is an essential link between Jammu and Srinagar.
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