As stated by the IFC, Cube Highways Trust, a private listed InvIT, currently has 18 road assets (toll and annuity) under it and can acquire 7 more assets (toll and HAM) under ROFO arrangement with Sponsors of Trust. The Company has raised debt at the Company level to replace individual project finance debt, and conduct maintenance capex of the operating road assets.
The use of proceeds from IFC’s investment has been defined for this one road asset, namely Ghaziabad Aligarh Expressway Private Limited: A 125.175 km 4 laned road to be expanded to 6 lane, wherein 4 lanes have been operational since 2016, and acquired by Cube in 2022 connecting Ghaziabad to Aligarh in the state of Uttar Pradesh.
The project involves: (i) expanding from four to six lane effectively for about 83.4 km (as the remaining length includes: 14.7 km of structures which are already built as per six lane configurations; 20.3 km of Aligarh bypass which will be retained as 4-lane; 7.1 km of existing road which will be provided for development of Power plant at Khurja (as 9.3-km greenfield bypass road is being constructed by NHAI through a separate EPC contractor as described below); and 0.750 km toll plaza pavement length; and (ii) operations and maintenance of the road. The greenfield bypass road has been constructed by the National Highway Authority of India (NHAI) in order to replace a stretch of approximately 7.1 km of the existing road falling within the premises of a super thermal power plant to be constructed at Khurja. Land acquisition for the Khurja bypass is the responsibility of NHAI along with ensuring all regulatory compliances. NHAI will hand over the constructed and ready to operate bypass to the concessionaire. Provisional completion certificate for the existing road was received from NHAI in June 2015 for 103.9 km and in November 2016 for 9.4 km stretch. The road traverses through predominantly agricultural land and built-up areas and towns, including the towns of Ghaziabad, Dadri, Sikandrabad, Bulandshahr, Khurja, Gabhana and Aligarh where bypasses have been provided.
As stated by Bloomberg, Cube Highways Trust operates as an infrastructure investment trust. The Company invests, develops, and manages roads and highways projects. Cube Highways Trust serves customers in India.
As stated by the IFC, the Trust is owned by Cube Highways Group (59.50%), British Columbia Investments Management Corporation (BCI; 19%), Mubadala Investment Company PJSC (Mubadala; 6%), domestic mutual funds insurance companies and other domestic institutional investors (15.50%) calculated basis ordinary units. BCI is one of the largest asset managers in Canada and provides investment management services to public sector entities in British Columbia. Mubadala is the sovereign investment fund of the Government of Abu Dhabi with a portfolio that spans across six continents in multiple sectors and asset classes.
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