Cube Highways and Infrastructure, an investment platform funded by I Squared Capital and the International Finance Corporation (IFC), is about to complete the acquisition of Western UP Tollway Ltd, for an estimated INR5,750 million (US$85 million) value. The transaction is expected to be closed by March 2016.

Cube Highways and Infrastructure has agreed to acquire full ownership in Western UP Tollway Ltd from NCC Limited and Gayatri Projects Limited, collectively the sellers.

The government last year allowed developers to divest 100 per cent equity in projects two years after the completion of such schemes, a move aimed at fast-tracking highway projects by making additional funds available for investments. 

Western UP Tollway is a four-lane highway project connecting the Meerut-Muzaffarnagar section of NH 58 in Uttar Pradesh under the National Highway Development Project (NHDP). The project has been fully operational since October 2011 and has a 20-year concession period.

Shardul Amarchand Mangaldas & Co (SAM & Co) acted as the legal advisor to Cube Highways and Infrastructure in its acquisition. Tatva Legal was the advisor to Western UP Tollway Ltd and the sellers, and E&Y their financial advisor.