You are here: Home » Companies » News
Business Standard

Cube Highways replaces Lanco in 80-km Nelamangala-Devihalli highway project

Set up a new SPV pursuant to the substitution rights of the senior lenders in the concession agreement

Topics
Highways | Mitsubishi Cube Highways

BS Reporter  |  New Delhi 

National Highway, highways, road, NHAI
Cube Highways worked with NHAI and the senior lenders through the economic dislocation to complete the transaction

Cube and Infrastructure I-D Pte Ltd (Cube Highways), a portfolio company of I Squared Capital, has entered into a concession agreement with the National Authority of India (NHAI) to operate an 80-kilometre, four-lane toll road connecting Neelamangala and Devihalli in Karnataka.

As part of the transaction, Cube has replaced the former concessionaire, Lanco Devihalli Highways (LDHL), by incorporating a new SPV, Nelamangala Devihalli Expressway (NDEPL), pursuant to the substitution rights of the senior lenders in the concession agreement.

“We are pleased to complete the first substitution transaction, of this kind, in the road sector in India,” said Gautam Bhandari, director of Cube Highways and managing partner at I Squared Capital. “Cube Highways’ strong record of deal closures during the Covid-19 pandemic stands testimony to its disciplined deal making approach and operational capabilities. Cube Highways worked tirelessly with NHAI and the senior lenders through the economic dislocation to complete this transaction under the substitution mechanism of NHAI, setting a benchmark for such transactions in the future.”

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, January 12 2021. 14:59 IST
RECOMMENDED FOR YOU
.