Cube Highways trust secures ₹1,030 cr. funding from IFC to drive road infrastructure development
New Delhi/IBNS: Cube Highways Trust, managed by Cube Highways Fund Advisors Pvt. Ltd., has successfully secured ₹1,030 crore funding through long-term listed non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The transaction was finalized on June 28, 2023.
The raised funds will be utilized for a Special Purpose Vehicle (SPV) owned by Cube Highways Trust, which manages a diverse portfolio of 18 toll and annuity road assets spanning a total length of 1,423.60 kilometers.
These road assets are strategically located across 11 states in India, including Andhra Pradesh, Bihar, Haryana, Jharkhand, Karnataka, Kerala, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal.
Vinay Sekar, CEO of Cube InvIT, expressed gratitude for IFC's support and confidence, emphasizing Cube's commitment to maintaining exemplary standards of governance and sustainability. Cube Highways Trust aims to operate and maintain high-quality infrastructure assets while generating long-term value for all stakeholders.
Pankaj Vasani, Group CFO of Cube InvIT, highlighted the significance of the 12-year tenure and robust structure of the financing provided by IFC, aligning with Cube's strategic objective of fortifying its balance sheet and enhancing financial stability in the market.
Wendy Werner, India Country Head at IFC, underscored the joint commitment to strengthening the roads sector and the role of innovative market financing in sustainable infrastructure development. IFC's investment in Cube Highways Trust aims to catalyze additional investment from international and domestic lenders to improve critical transport infrastructure, connectivity, and logistics in India.
This collaboration builds upon a decade-long partnership with Cube Highways as a founding member, contributing to the country's inclusive economic growth while enhancing the quality of roads for millions of people.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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