Cube Highways Trust (Cube InvIT) on Thursday, June 29, said it has successfully secured Rs 1,030 crore through long-term listed non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The transaction was finalised on June 28, 2023.

The funds raised through this deal will be utilised for a special purpose vehicle (SPV) owned by Cube Highways Trust. Cube Highways Trust has a diversified portfolio of 18 toll and annuity road assets with an aggregate length of 1,423.60 km.

These road assets are located across 11 states, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.

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Vinay Sekar, CEO of Cube InvIT, said the company is grateful for the support and confidence shown by IFC. This collaboration further reinforces Cube's dedication to upholding exemplary standards of governance and sustainability practices.

Cube Highways Trust remains committed to operating and maintaining high-quality infrastructure assets and generating long-term value for all our stakeholders, Sekar said.

Pankaj Vasani, Group CFO of Cube InvIT, said, “With a total tenure of 12 years, and a robust structure, the long-term financing provided by IFC conforms harmoniously to Cube's overarching strategic objective of fostering a resilient balance sheet, and further bolstering its financial stability and viability in the market.”

Wendy Werner, the India Country Head at IFC, said the company's investment in Cube Highways Trust underscores joint commitment to strengthening the roads sector by demonstrating the crucial role of innovative market financing for sustainable infrastructure development.

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The Cube Group is a 100 percent institutionally-owned platform backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and Japan Highways International BV.

It is engaged in implementing the public-private partnership (PPP) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments.

(Edited by : Shoma Bhattacharjee)