NIIF and I Squared Capital-owned Cube Highways have shown interest in the acquisition of Ashoka Concessions. Ashoka Concessions is a company owned by Ashoka Buildcon and Macquarie Infrastructure and Real Assets (MIRA).

Ashoka Concessions’ roads portfolio comprises 15 road assets, including six operational BOT (build, operate, transfer) toll projects, one operational BOT annuity project, and eight under-construction hybrid annuity projects. MIRA and State Bank of India own 34% stake in Ashoka Concessions, the remaining stake is held by Ashoka Buildcon.

Cube Highways recently bought five hybrid annuity model (HAM) roads from infrastructure developer Dilip Buildcon Ltd. Earlier it agreed to acquire DA Toll Road Pvt. Ltd, which operates a toll road in Haryana and Uttar Pradesh, from Reliance Infrastructure Ltd. NIIF platform also acquired road concessions from Sadbhav Engineering Limited.