**Cube Highways Trust Acquires Road Assets from NIIF for $725 Million**
Cube Highways Trust has finalized share purchase agreements to acquire three road assets from the National Investment and Infrastructure Fund’s (NIIF) Athaang Infrastructure for an enterprise value of $725 million. This acquisition highlights the robust investor interest in India’s road sector, which continues to draw global funds amid increasing infrastructure investments.
In a recent filing, Cube Highways Fund Advisors Private Ltd announced that the agreements were signed on February 7, 2025, for a complete 100% stake in the following assets: a) Quazigund Expressway Private Limited, and b) Athaang Jammu Udhampur Highway Private Ltd. The deal includes the 16.26 km Quazigund Expressway, the 64.57 km Athaang Jammu Udhampur Highway, and the 22 km Devanahalli Tollway in Karnataka.
While Athaang’s portfolio originally included five road assets totaling 230 km, the 73 km Kashi tollway in Uttar Pradesh and the 60 km Dichpally tollway in Telangana are not included in this transaction and will remain with NIIF.
Cube Highways Trust operates as an infrastructure investment trust (InvIT), managing income-generating infrastructure assets and providing investors with a regulated and liquid investment mechanism in infrastructure projects, ensuring consistent returns.
The Canada Pension Plan Investment Board (CPPIB) and Macquarie Infrastructure and Real Assets (MIRA) were also among the final bidders for this deal, demonstrating strong investor confidence in India’s road sector. The national highway network, while only 2% of the total road network, carries nearly 40% of India’s freight traffic. The Union Budget for FY26 has allocated a record ₹11.21 trillion for capital expenditure, with the Ministry of Road Transport and Highways receiving ₹2.87 trillion.